Landmark metro region outlet mall sells for $28.4M

Original article published on Portland Business Journal

One of the region’s landmark shopping outlets has joined the portfolio of a New York real estate investment company.

Time Equities, which has a portfolio of more than 19.2 million square feet of residential, retail, industrial, office and hotel space, has purchased the Columbia Gorge Premium Outlets in Troutdale. The 164,235-square-foot center, which is home to tenants such as Coach, Gap, Eddie Bauer and Levi’s, sold for $28.4 million.

Gary Griff, senior director at Cushman & Wakefield, and Tom Salanty, executive director at Cushman & Wakefield, represented the seller in the deal, Simon Property Group, which is based in Indianapolis. SPG also owns the Woodburn Outlet Center in Woodburn. In all, the Troutdale center is home to 37 tenants and was 90 percent leased at the time of the sale.

According to Griff, the deal is TEI’s first U.S. outlet center and the firm’s first commercial retail site in Oregon, where the company currently owns seven additional office, industrial and warehouse properties.