Balboa Acquires $54M Portland-Area Mall
The property was 93 percent leased at the time of the sale.
Balboa Retail Partners has acquired The Streets of Tanasbourne, a 371,791-square-foot outdoor shopping mall in Hillsboro, Ore. Public records show that the buyer paid $53.5 million for the asset.
CommercialEdge identified DWS Group as the seller of the 93 percent leased property. Newmark brokered the transaction.
Located at 19350 NW Emma Way, within the Silicon Forest tech cluster, the mall serves a population of 101,000 residents. Occupying a 17.7-acre site and featuring a free-standing, four-level structured parking garage, The Streets of Tanasbourne is anchored by Macy’s, H&M, REI and Sephora.
The shopping mall features a range of national and regional retailers, offering a variety of dining, shopping and service options. Downtown Hillsboro is some 7 miles from the property.
Newmark Vice Chairmen Nicholas Bicardo and Nick Kucha, along with Associate Director Cheyne Bloch facilitated the sale of The Streets of Tanasbourne.
Newmark reported that, among all property sectors, retail was the sole sector to exhibit a rise in U.S. investment sales on a yearly basis. By the end of 2022, investment sales in all property sectors saw a decrease of 15 percent year-over-year, while retail sales grew by 4 percent to reach $85.7 billion, marking the highest yearly total since 2018.
In a prepared statement, Bicardo said that The Streets of Tanasbourne provides the buyer with a favorable combination of consistent income and significant potential for growth in both the anchors and inline suites.
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