A Washington County shopping center has sold for $25.75 million.

Washington Square II, a smaller neighbor of Oregon’s largest mall, was snapped up by Intercontinental Real Estate Corp. and ScanlanKemperBard Cos.

The 86,636-square-foot shopping center sits on 8.03 acres. It comprises three single-story retail buildings constructed in 1984.

Washington Square II has a vacancy rate of less than 4 percent, stated Tyler Kepler, senior vice president at SKB.

“Washington Square II sits at the center of long-term demand drivers that continue to attract both tenants and capital,” Kepler stated in a news release.

Intercontinental and SKB plan to lead a renovation plan focused on capital repairs, cosmetic upgrades and leasing initiatives, the investors stated. Planned improvements include refreshed facades, new signage, heating and cooling upgrades and parking lot repairs aimed at improving the tenant and customer experience.

“The Portland suburbs continue to outperform the urban core, and Washington Square is the clearest example of that strength,” stated Todd Gooding, SKB’s president and chief investment officer. “This is one of the region’s most resilient retail nodes, characterized by strong household incomes, limited new supply and deep tenant demand — conditions we believe will continue to strengthen.”

CBRE’s Dino A. Christophilis and Daniel Tibeau represented the seller. According to Washington County records, the seller was a limited liability company, PPR Square Too, that is linked to Pacific Premier Retail Trust of Santa Monica, California. In 2024, Macerich, which also owns Washington Square Mall, announced it had taken a 40 percent interest in PPRT.

“Washington Square II attracted significant interest from investors, supported by strong retail fundamentals and the opportunity to reposition the asset to align with the adjacent Washington Square Mall,” Christophilis stated.

Tenants at the shopping center at 10250 S.W. Washington Square Road include Red Robin, Visionworks, DXL Big + Tall, World Market and Panera Bread.

The property’s visibility, tenancy and proximity to Washington Square Mall “provide a compelling foundation for lease-up and repositioning,” stated Ross Karetsky, associate director for acquisitions at Intercontinental.

SKB, based in Portland, was founded in 1993. The company owns and operates more than 5.5 million square feet of office, industrial, multifamily and retail properties.

Intercontinental is based in Boston and dates to 1959. The company manages a $12.6 billion real estate portfolio.

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