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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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 “the dominant shopping center in the Medford trade area,” 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.

“Bear 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,” Loar stated in a news release. “There 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.”

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.

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