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e34Cumberland Holdings acquired the Town & Country Shopping Center on September 19, 2013 for $2,400,000. The center consists of 109,985 square feet anchored by Big Lots. The property is located on Hwy 26, the primary retail corridor of Klamath Falls, Oregon. Other tenants include: Party Time Events, Klamath Falls Library, Wubba BBQ, and Boot Barn. Cumberland plans to lease up the center by redeveloping the improvements to a contemporary appeal with new store fronts, awnings, and signage. Tenant suites range from 1,000 to 24,000 square feet.

“The strength of our investor base and asset management capabilities allows Cumberland to take advantage of compelling real estate repositioning opportunities,” says Josie Chernoff, Chief Operating Officer. “Big Lots operates a strong performing store to anchor this shopping center, and the low investment basis allows us to invest capital in leasing and improvements to substantially increase NOI.”

Lisa Stewart, Principal Broker with Fisher Nicholson Realty, will serve as Town & Country’s exclusive leasing represenative. “Klamath Falls draws shoppers from Northern California to Central Oregon.  South 6th Street averages 30,000 cars per day drive by Town & Country. We will be offering the newest improvements with very competitive leasing rates,” says Stewart.

Town & Country is Cumberland’s third investment in Oregon. The company currently operates investments in Washington and California as well.

Financing:

In August 2016, Cumberland placed a $3MM mortgage loan after the successful phase I redevelopment, a lease extension and expansion with Big Lots, and a new 17,000 sq.ft. lease with Harbor Freight Tools.

Click photos to enlarge.

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