Merit Launches Region's Only Value-Add Shopping Center to Market

Dollar Tree-anchored 'Lakewood' shopping center, located at 7338 Hwy 62 and the signalized intersection of Hwy 62 and Hwy 140 hit the market early July for $4,390,000. The offering includes the large neighborhood retail center, with true value-add potential including a retail building pad. Caspian and Scott at Merit Commercial Real Estate are the listing brokers. This is one of over 20 new listings Merit is bringing to the market in June-July. Here is a link to the listing, and below is additional info: 

Merit Commercial Real Estate is pleased to exclusively present the Lakewood Shopping Center, a long-standing multi-tenant retail center located in White City, Oregon (the "Property"). The Property is situated on one parcel totaling 4.07 acres. The two buildings located on-site feature a total square footage of ±30,110 SF.

"Building 1" consists of ±28,154 SF and features a diverse mix of tenants anchored by Dollar Tree and US Cellular. There are six units within the building with one current vacancy. The anchor space consists of ±20,681 SF, and includes a large flexible sales floor and abundant back of house and storage space, served by a functional and covered loading dock. The west side of Building 1 includes 5 in-line retail spaces ranging from 954 - 2,029 SF, and is an attractive mix of regional chains and national tenants, with several long-term, staple tenants with 15+ year histories at this location.

"Building 2" is a ±1,956 SF QSR and is leased to Umi Sushi, a well-known regional restaurant chain. Presenting as a well-maintained, modern sit-down and take-out restaurant, Umi Sushi is a strong highlight of the Property. While not currently utilized, an existing drive-thru lane is in place, and is believed to be able to easily be re-opened in the future.

There is a large, ±0.80-acre retail building pad located on the eastern side of the Property offering future upside and development potential. As the natural extension of the center, this pad has never been marketed, and allows new ownership to control the future tenant mix of Lakewood. The immediate and overall region has attracted, and continues to draw attention from a slate of national credit-rated tenants for both BTS and fee simple land sales. The retail pad at Lakewood is primed for a new user, and isn't burdened by use exclusives.

Situated on the right side of a hard, signalized corner at the intersection of the two highest traffic highways in the region, the Property benefits from excellent frontage & visibility. Access is convenient with three full-movement driveways and low-friction movement for customers.

Additionally, Lakewood Center is located within an Opportunity Zone, offering potentially tax advantages. An important note for all buyers to consider is an on-going disagreement of a lease interpretation by the anchor tenant, Dollar Tree, regarding their obligations to pay NNNs/CAMs; more info available later in this report, or buyers may contact listing brokers for additional details. Buyer is responsible for any and all due diligence. Contact the listing brokers today for additional information.