A 27k sf, grocery store-anchored retail property in Reedsport, OR traded for $3.24 mil ($120/sf). The fully occupied, newly renovated building sits on 3.11 acres at 1300 U.S.-101. It has two tenants – McKay’s Market and Dollar Tree – who both recently signed new 10-year NNN leases.
The property is located at the signalized intersection of Oregon Coast Highway/U.S. Highway 101 and 13th Street and provides highway frontage and multiple access points. It is also within the main commercial corridor of Reedsport with other nearby retailers including NAPA Auto Parts, 7-Eleven, Subway, McDonald’s, and others.
Patrick Luther, Matthew Mousavi and Ron Dowhaniuk with SRS’ National Net Lease Group represented the seller, an Oregon-based developer. The buyer, an Oregon-based private family trust, was self-represented. The property sold at a cap rate of 7.27%. SRS was also responsible for the leasing of the asset on behalf of the ownership.
“This newly renovated property features corporate-guaranteed long term leases and is within a larger shopping center which includes Ace Hardware and First Community Bank, creating even more crossover traffic for the center,” said Mousavi. “Additionally, this property has had strong historical occupancy with McKay’s Market – previously called Price ‘n Pride – operating at this location for nearly 40 years.”