Lincoln Property Company and PCCP Acquire Grocery-Anchored Retail Asset in Portland, Oregon

Lincoln Property Company (“Lincoln”), a global full-service real estate firm, and joint venture partner PCCP have acquired a 185,760-square-foot grocery-anchored shopping center outside of Portland, Oregon. Located at 10840 SE Oak Street in Milwaukie, Oregon, Milwaukie Marketplace is approximately 70% leased, with a mix of national and local retail tenants, including New Seasons Market, Ace Hardware, Planet Fitness and Pietro’s Pizza. Lincoln will provide property management and leasing services for the asset.

“Prior to this acquisition, our Pacific Northwest team meticulously assessed the submarket and mix of retail tenants at this asset in particular,” said Travis Drilling, Executive Vice President, Investment and Operations for Lincoln’s Pacific Northwest Region. “We believe the Clackamas/Milwaukie submarket has strong fundamentals, with limited vacancy and an appetite for more space among local and national retailers. Milwaukie Marketplace was attractive because of its current tenant mix, as well at the opportunity that the rare vacancy at the property afforded us. We plan to fill the remaining vacancy, including Rite Aid’s former space, to compliment the legacy tenants and important new tenant entrants to the center.”

Jim Dillavou, National Head of Retail Investments for Lincoln, added “This acquisition outside of Portland continues Lincoln’s value-add necessity retail investment strategy, which targets – shopping centers anchored by daily needs retailers in populous markets with high barriers to entry. With its recent vacancy and significant leasing velocity in the last year, Milwaukie Marketplace was an ideal addition to our growing retail and property management portfolio in the U.S.”

Milwaukie Marketplace is anchored by New Seasons, a highly successful regional grocer that serves as one of only two major grocery stores catering to over 50,000 households within a 10-minute drive of the center. The property recently underwent a multimillion-dollar tenant and capital improvement plan in connection with the opening of New Seasons.

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 562 million square feet of commercial space. In addition to providing third-party real estate services, Lincoln has completed over 164 million square feet of development since its inception in 1965 and has another $19.5 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.