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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Two shopping centers in the Portland area recently sold for strong prices, indicating some resilience for high-performing retail properties.

Wood Village Town Center, at Northeast 223rd Avenue and Glisan Street, sold for $26.6 million. The sale included a Kohl’s store, but did not include Fred Meyer and Lowe’s stores, which are separately owned at the site. The sale price equates to $190.22 per square foot.

The 139,831-square-foot shopping center was built in 2007.

The seller was Gerrity Atlantic Retail Partners Inc. of Solana Beach, California, via a limited liability company, Wood Village GARP. The buyer was CIRE Management, a San Diego investment firm, using a limited liability company, Wood Village Retail I.

The transaction was CIRE’s first retail asset purchase in Oregon, according to Capital Pacific, which represented both the buyer and seller.

Capital Pacific also represented both parties in the February sale of McMinnville Plaza, a retail center that includes Ross, Petco, T.J. Maxx and J.C. Penney locations. The $17.4 million transaction did not include a Safeway that is separately owned.

Built in 1984, the 135,873-square-foot shopping center sold for $128.06 per square foot. The seller was Washington Capital Management Inc. of Seattle, via REEF McMinnville Plaza, a limited liability company. The buyers were two LLCs registered to Marie Carone of Corvallis and Ben Wahlstrom of Wilsonville, respectively.

“Both centers are pretty high-performing properties within their markets,” said Lance Sasser, research director and analyst for Capital Pacific. “These were pretty sought-after properties in general.”

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Gramor Development Inc. has sold Timberland Town Center in Cedar Mill for $41 million.

The property was acquired by JLL Income Property Trust, based in Chicago. Capital Pacific LLC of Lake Oswego brokered the sale.

Gramor developed and managed the 91,000-square-foot, Class-A retail center. Timberland Town Center opened in early 2015 and was 98.5 percent leased at the time of sale, according to a Gramor news release.

The development is anchored by a 40,000-square-foot Market of Choice grocery store. It also has a roster of restaurants and coffee shops including Ava Roasteria, Blu Olive Mediterranean Bistro and La Sen Vietnamese Grill.

Located in the bustling Sunset Highway corridor off of U.S. Route 26, Timberland was highly desirable because of its proximity to affluent neighborhoods, strong schools and surrounding employment base, stated Barry Cain, Gramor’s president.

Meanwhile, Gramor is at work on The Waterfront Vancouver, a $1.5 billion mixed-use development spanning 32 acres along the Columbia River in Vancouver, Washington.

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DDR Corp., a publicly traded real estate investment trust, has purchased Gresham Station Shopping Center for $87 million.

The property was sold by Westlake Realty Group Inc., based in San Mateo, California. The firm was represented by Holliday Fenoglio Fowler’s Portland office, led by Director Nick Kassab. The closing was announced Tuesday.

Gresham Station Shopping Center has major tenants, including Best Buy, Bed Bath & Beyond and Cost Plus World Market. The sale of the nearly 300,000-square-foot Gresham Station included a 45,000-square-foot LA Fitness center.

The property encompasses 19.2 acres. Gresham Station Shopping Center is located at 649 N.W. 12th St. in Gresham, while LA Fitness is at 779 N.W. Council Drive.

Gresham Station also includes 12,289 square feet of office space that is 89 percent leased.

The transaction is the latest example of institutional players investing in east Portland, Kassab stated in a news release. More than 243,000 people with an average annual household income of $62,207 live within 5 miles of the properties, according to HFF.

“Given the dearth of retail offerings of institutional scale available in Portland, the asset received a high amount of attention, as opportunities for investors to grow their Pacific Northwest retail allocations are few and far between,” Kassab stated in a news release.

DDR, based in Beachwood, Ohio, also owns Tanasbourne Town Center, a 585,495-square-foot shopping center near Hillsboro, and Orchards Market Center, a 209,300-square-foot center in Vancouver, Washington. The company’s stock closed at $16.94 per share on Monday. –

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