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Gresham Square

Cumberland Holdings acquired the Gresham Square Shopping Center in Gresham, Oregon, on June 16, 2014, for $9,150,000. The center consists of 124,774 square feet anchored by JR Furniture. The property is located on NE Burnside Road and NW Eastman Parkway in the heart of Gresham’s retail district. Other tenants include: Red Lobster, Tuesday Morning, Wunderland, Dutch Brothers, Kaiser Permanente, and Providence Health. Occupancy at the time of acquisition was 65%. Tenant suites range from 1,500 to 37,000 square feet.

“We negotiated 3 letters of intent during our contract period that will lease a significant portion of the vacancy. We changed the lease strategy by dividing a former big box space into multiple tenant suites. The results were immediate,” says Graham Chernoff, President of Cumberland Holdings. The new leases will increase the center’s occupancy to 83%. Improvements planned include new signage, exterior paint, architectural enhancements, and roof replacement.

The acquisition was financed by a $6,100,000, fixed rate mortgage from Advantis Credit Union that was arranged by Melvin Mark Capital. Leasing services will be provided by David Demers and Brock Sweitzer of HSM Pacific. PacNW consulting will provide onsite management services. Gresham Square is Cumberland’s fifth investment in Oregon. The company currently operates investments in Washington and California as well.