Teakwood Plaza

Teakwood Plaza is a newly constructed shopping center in Coos Bay, Oregon, completed in 2024.

Project Details

• Location: Just north of Ace Hardware in Coos Bay, Oregon.
• Developers: Greg Drobot and Daniel Graham (also developers of Coos Bay Village).
• Purpose: To bring larger retailers and businesses to the area.
• Size: Three large box stores, approximately 15,000 square feet each (totaling ~50,000 sq ft).

Teakwood Plaza - Sale Notes

• Status: Finished Construction in 2024
• Address: 1233-1238 Teakwood Ave, Coos Bay, OR 97420
• Sale Date: October 23, 2024
• Sale Price: $19,970,266

Sold on October 23, 2024, for $19,970,266 to a private investor at $353 per square foot. The project includes four buildings totaling 56,565 square feet, with two estimated at 15,000 square feet each.

Schoolhouse Square

• Sale Date: December 9, 2024
• Sale Price: $13,595,243
• Asking Price: $13,750,000
• Price Discount: $154,757 (1%)
• Cap Rate: 7.90%
• Mortgage: 1st Mortgage with Rogue Credit Union, Balance/Payment: $9,625,000

Seller Information

• Seller: Darren Bloch
• Title: CEO of Bloch Properties

Darren Bloch, CEO of Bloch Properties, has 20+ years of experience in Pacific Northwest commercial real estate, specializing in value-add properties. Bloch Properties sold a 3-building shopping center (93,964 sq ft) for $13,595,243 ($145/sq ft). The price was reduced due to deferred maintenance (estimated $100,000-$200,000).

Buyer Information

• Buyer: Raymond Development Inc. & Amy Properties LLC
• Transaction Type: Reverse 1031 Exchange (selling Keizer Plaza)

Keizer Plaza

• Current Status: On Market (for over 6 months)
• Original Asking Price: $4,000,000
• Current Price: $3,800,000
• Price/SF: $226.46
• Cap Rate: 7.37%
• NOI: $280,200

Gateway Plaza

$10.4 Million Sale of Gateway Plaza in Cottage Grove, OR

• Buyer: Private individual based in Happy Valley, Oregon.
• Seller: Argonaut Investments LLC (Larkspur, California).
• Cap Rate: 7.5%
• Tenancy: Strong historical tenancy; 68% GLA occupied for 10+ years; recent lease extensions.
• Argonaut's Strategy: Upgraded tenancy and added value since 2019 acquisition.
• Built: 1978
• Size: 86,560 sq ft shopping center on 7.09 acres.
• Parking: 340+ spaces
• Occupancy: 90%
• Anchors: Bi-Mart (10-year extension), Grocery Outlet (5-year extension), Dollar Tree.
• Location: High traffic area near I-5, E. Main St & Gateway Blvd (55,000+ VPD); near food, retail, healthcare. 22,000+ residents within 15 minutes.

News Article: Private Buyer Snags Grocery-Anchored Oregon Shopping Hub

December 2024

Largely occupied property sees slight price reduction.

This Oregon shopping center dates back to 1978. (Source: CoStar)

• A California investor sold Gateway Plaza in Cottage Grove, OR to a private buyer for slightly under list price.
• Sale Price: $10.4 million (~$120/sq ft). Listed at $10.85 million (price reduction due to interest rates, market conditions, building state).
• Seller: Argonaut Investments (Larkspur, CA).
• Improvements: Grocery Outlet renovated storefront; new owner plans further improvements.
• Leasing Activity: Multiple lease extensions; potential for rental upside in vacancies and below-market leases.
• Anchors (67% GLA): Bi-Mart (45+ years, lease extended to 2034), Grocery Outlet, Dollar Tree.
• Location: 40 & 200 Gateway Blvd; ~7 acres near Walmart & Safeway; high traffic, I-5 access.
• Market Commentary (John Gillem, CoStar): Cottage Grove offers retail investment discounts compared to Eugene. Neighborhood centers in Eugene can exceed $200/sq ft with sub-7% cap rates.

McMinnville Town Center

• Price: $5,820,000 ($189.95/sf)
• Sale Date: December 24, 2024
• Cap Rate: 7.4%
• RBA: 30,640 SF
• Land Area: 119,790 SF
• Property Type: Non-Credit Strip Center

Additional Notes

• During the sale process, a company called IONNA expressed interest in setting up EV Charging stations:
• Potential revenue: $2-400 per month per stall
• Proposed: 10-12 stalls
• Key Investment Insight: One of the main objections from investors was the exclusion of outpads from the sale. While Jimmy John's was included, both Starbucks and Chase Bank had been sold off years earlier by the previous owner. This highlights the importance of outpad ownership in retail center valuations, similar to how Rhino Investments leveraged this strategy with their Grants Pass Center acquisition.

Oswego Village

Transaction Details

• Sale Date: January 8, 2025
• Sale Price: $44,000,000
• Price/SF: $427.24
• Property Size: 103,000 SF
• Occupancy: 95%

Property Overview

• Located just 15 minutes south of downtown Portland
• Previously purchased for $34 million in 2018 by Asana Partners
• Underwent significant renovations shortly after 2018 acquisition
• Key Tenants: Whole Foods, Lake Oswego Ace Hardware, Pure Barre studio

Buyer Information

Sagard Real Estate, a Canadian group based in Denver, acquired the property with specific plans:

• Plans to lease remaining two vacant spaces
• One space targeted for a well-known fast-casual restaurant (lease expected late 2025)
• Focus on maintaining the property's appeal long-term
• Already owns three industrial assets in Portland metro area, totaling over 400,000 SF

Market Position

"With Lake Oswego being one of the most sought-after locations in the state, downtown Lake Oswego poses extreme barriers to entry for new competition given land constraints and a community adverse to new development," - Sagard spokesperson

Bi-Mart Shopping Center

Transaction Details

• Sale Date: January 15, 2025
• Sale Price: $12,200,000
• Price/SF: $181.94
• Price/SF Land: $12
• Total Size: 67,055 SF
• Land Area: 1,051,103 SF (24.13 AC)

Property Components

Lockehouse Retail Group sold a 7-building shopping center to The Elijah List, comprising:

• 31,040 SF supermarket
• 7,321 SF multi-tenant freestanding retail building
• 5,101 SF restaurant
• Coffee stand
• 14,112 SF single tenant building
• 2,200 SF restaurant
• 7,081 SF multi-tenant retail building

Additional Notes

The supermarket portion was previously listed for sale starting November 6, 2023, with an initial asking price of $4,995,000 and a cap rate of 5.46%.

Milwaukie Marketplace

Transaction Details

• Sale Date: February 18, 2025
• Sale Price: $39,000,000
• Property Size: 185,760 SF
• Year Built: 1989

Property Overview

• Four buildings across nine parcels along Highway 224
• Strategic location connecting Hwy 99E and Interstate 225
• Recently-signed long-term lease with New Seasons Market as anchor tenant
• Key Tenants: Planet Fitness, Ace Hardware, Dollar Tree, Pietro's Pizza, UPS, Subway, Taco Bell, Starbucks
• Multiple LOIs on vacant spaces

Market Demographics

• Serves 422,000+ residents in the Milwaukie/Clackamas area
• ~580,000 jobs in the area
• 32 schools nearby
• 50,000+ households within 10-minute drive
• One of two major grocery stores serving the immediate area

Rogue Valley Mall - Currently For-Sale

Property Overview

• Size: 644,332 SF GLA
• Land Area: 50.5 acres (36.6 owned)
• Occupancy: 91.6%
• Year Built: 1986
• Last Renovation: 2005
• NOI: $4,696,235
• Expected Cap Rate: 13-14%
• Estimated Value: Low $30s million

Property Details

• Two-level regional mall with excellent I-5 access (~42,700 VPD)
• Next nearest enclosed mall is 150+ miles south
• Anchors:
  • Macy's (104,409 SF; Non-Owned)
  • JCPenney (86,145 SF; Owned)
  • Macy's Backstage (84,480 SF; Owned)
  • Kohl's (81,950 SF; Non-Owned)

Investment Highlights

• Receiver in place, selling free and clear of debt
• Previous ownership: Brix assumed the loan ~4 years ago without changing asset basis
• Epicenter of retail in Medford and surrounding area

Johnson Creek Crossing - Currently For-Sale

Property Overview

• NOI: $3,339,396
• Land Area: 19.61 acres
• Ten-building shopping complex in southeast Portland
• Strategic location off I-205 at Johnson Creek Boulevard and 82nd Avenue

Anchor Tenant Rents

• Dania: $9.42/SF
• Best Buy: $14.32/SF
• HomeGoods: $15.00/SF
• Burlington: $16.50/SF
• PetSmart: $20.84/SF

Tenant Stability

63% of tenants have operated at the Center for over 10 years, including:

• 20+ Year Tenants: Best Buy, PetSmart, Starbucks, Wells Fargo, Burger King, Supercuts, Bell Nails & Spa, Arawan Thai Cuisine, and Suns Up Tanning

Tenant Performance Rankings

Tenant	Oregon Rank	National Percentile
Home Depot	#3	Top 12%
PetSmart	#2	Top 2%
Best Buy	#4	Top 18%
Burlington	#1	Top 14%
HomeGoods	#5	Top 35%
Supercuts	#3	Top 16%
Wells Fargo	#3	Top 15%
ATI Physical Therapy	#1	Top 10%