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A Medford shopping center has sold to a California real estate investor for $25.25 million.

Bear Creek Plaza is anchored by retailers Bi-Mart, Dollar Tree and Crunch Fitness. The 189,670-square-foot shopping center is adjacent to Interstate 5, and near Rogue Valley Mall and Providence Medford Medical Center.

The buyer was an entity linked to Citivest Inc., a Newport Beach, California, real estate investment company. The sale equates to approximately $133 per square foot.

Bear Creek Plaza is 鈥渢he dominant shopping center in the Medford trade area,鈥� stated Clayton Brown, senior managing director with the Brown Retail Group of Marcus & Millichap. The brokerage represented the seller and procured the buyer. Brown was joined by Marcus & Millichap’s Ruthanne Loar and David Tabata in the transaction.

The seller was Bear Creek Partners I, a limited liability company with members in Bend and in California, according to Oregon Secretary of State business records.

鈥淏ear Creek Plaza has been a well-performing asset for the seller throughout its ownership and offers the buyer a future repositioning opportunity with the five pad buildings included in the sale,鈥� Loar stated in a news release. 鈥淭here were challenges throughout the transaction, including the loss of an anchor tenant with the Big Lots bankruptcy declaration. Our team was able to quickly source a new grocer tenant to fill that vacancy, and the property was 100 percent leased at the time of the sale.鈥�

Big Lots, a discount retailer, filed for Chapter 11 bankruptcy protection in September 2024.

Built in 1977 on nearly 17 acres, Bear Creek Plaza has many longtime tenants, with more than 50 percent of the gross leasable area occupied by tenants with more than 10 years in place.

Since the start of 2023, Marcus & Millichap and the Brown Retail Group of Marcus & Millichap have completed 69 shopping center and net-lease investment transactions in Oregon totaling nearly $220 million, stated Joel Deis, first vice president and regional manager.