Shopping Neighborhood

Umpqua Center

1409 Oregon Coast Hwy, Reedsport, OR 97467

Listing Price: $3,600,000

Cap Rate
6.14%
Gross SF
52,560
Rentable SF
52,560
Price/Gross SF
$68.49
Lot Size
5.06 acres
Year Built
1962

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale the Umpqua Center at 1409 Oregon Coast Highway, Reedsport, Oregon. This 52,560 square-foot established grocery anchored (Safeway) shopping center sits on 5.06 acres. The property features a strong mix of both national and regional tenants. The property has great visibility along Highway-101, has multiple points of ingress/egress and has a large pylon sign that is easily visible from the highway. There is ample parking for all tenants and is the primary retail shopping destination for Reedsport and the surrounding area.

Safeway has been the anchor for the Umpqua Shopping Center since executing their original lease in 1960. Safeway is the only national grocer within 25 miles of the subject property. Safeway reports strong store sales and has a percentage rent clause in their lease that will provide a landlord with additional upside as grocery sales rise. The junior anchor of the Umpqua Shopping Center is the Reedsport Pharmacy which has been serving the Reedsport, Gardener, and Lakeside communities since 1979. In 2018 The Reedsport Pharmacy expanded their space and took on an additional 1,350 square feet. This long-term presence in the community has driven strong customer retention and has helped generate traffic and additional sales for the other tenants in the center.

The property recently underwent some significant renovations. The awning that spans the entire front of the property was re-roofed with a TPO Membrane. The landlord also had the asphalt repaved and restriped at the beginning of November 2020. These recent capital expenditures will improve the long-term performance and return of the center.

Reedsport is located on US Highway-101 and is the gateway to the Oregon Coast. Reedsport is a 1.5 hour drive from Eugene, the 2nd largest city in Oregon and home to the largest state university, University of Oregon. Reedsport is located in the heart of the Oregon Dunes National Recreational Area which has seen a lot of growth from tourism. Reedsport is just 4 miles from Winchester Bay and the Pacific Ocean. 25 Miles South of Reedsport is Bandon Dunes a premier golfing destination along the West Coast.

Investment Highlights

  • Primary Grocery and Pharmacy anchored Shopping Center in the Reedsport market
  • Strong history of occupancy - Safeway has been a Tenant since 1960
  • Great visibility along Highway 101 - 10,600 VPD
  • Large Recent Capital Expenditures - Roof/Awning and Parking Lot
  • Upside through Leasing of the 11,250 square foot vacant space

Exclusively Listed By

Listing Price: $3,600,000

Cap Rate
6.14%
Gross SF
52,560
Rentable SF
52,560
Price/Gross SF
$68.49
Lot Size
5.06 acres
Year Built
1962

Investment Highlights

  • Primary Grocery and Pharmacy anchored Shopping Center in the Reedsport market
  • Strong history of occupancy - Safeway has been a Tenant since 1960
  • Great visibility along Highway 101 - 10,600 VPD
  • Large Recent Capital Expenditures - Roof/Awning and Parking Lot
  • Upside through Leasing of the 11,250 square foot vacant space

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale the Umpqua Center at 1409 Oregon Coast Highway, Reedsport, Oregon. This 52,560 square-foot established grocery anchored (Safeway) shopping center sits on 5.06 acres. The property features a strong mix of both national and regional tenants. The property has great visibility along Highway-101, has multiple points of ingress/egress and has a large pylon sign that is easily visible from the highway. There is ample parking for all tenants and is the primary retail shopping destination for Reedsport and the surrounding area.

Safeway has been the anchor for the Umpqua Shopping Center since executing their original lease in 1960. Safeway is the only national grocer within 25 miles of the subject property. Safeway reports strong store sales and has a percentage rent clause in their lease that will provide a landlord with additional upside as grocery sales rise. The junior anchor of the Umpqua Shopping Center is the Reedsport Pharmacy which has been serving the Reedsport, Gardener, and Lakeside communities since 1979. In 2018 The Reedsport Pharmacy expanded their space and took on an additional 1,350 square feet. This long-term presence in the community has driven strong customer retention and has helped generate traffic and additional sales for the other tenants in the center.

The property recently underwent some significant renovations. The awning that spans the entire front of the property was re-roofed with a TPO Membrane. The landlord also had the asphalt repaved and restriped at the beginning of November 2020. These recent capital expenditures will improve the long-term performance and return of the center.

Reedsport is located on US Highway-101 and is the gateway to the Oregon Coast. Reedsport is a 1.5 hour drive from Eugene, the 2nd largest city in Oregon and home to the largest state university, University of Oregon. Reedsport is located in the heart of the Oregon Dunes National Recreational Area which has seen a lot of growth from tourism. Reedsport is just 4 miles from Winchester Bay and the Pacific Ocean. 25 Miles South of Reedsport is Bandon Dunes a premier golfing destination along the West Coast.

Exclusively Listed By

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