Time Equities acquires Columbia Gorge Premium Outlets for $28,425,000
Original article published on Chain Store Age
Troutdale, Ore. — Time Equities announced the expansion of its Northwest portfolio with the acquisition of Columbia Gorge Premium Outlets, located in Troutdale, Oregon for $28,425,000.
Purchased from Simon Property Group, the project 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. The announcement comes in tandem with the full-service firm’s golden milestone, as it celebrates 50 years of notable acquisitions and retail growth throughout the country.
Columbia Gorge Outlets is a 164,235-sq. ft. center is located 16 miles northeast of downtown Portland, just off of Interstate I-84. Currently 90% leased, the center is comprised of 37 tenants, including Coach, Gap, Eddie Bauer, Levi’s, Carter’s, Famous Footwear, Tommy Hilfiger, Adidas and Rack Room Shoes.
“We were attracted to Columbia Gorge’s proximity to downtown Portland, strategic location at the base of the Columbia River Gorge National Scenic Area as well as the center’s notable sales volumes,” says Ami Ziff, director of national retail for Time Equities. “As Time Equities looks back at a successful 50 years of growth, we embark on another 50 years of strategic prosperity. This announcement is an exciting milestone for us as we acquire our first U.S. outlet center within one of Oregon’s most attractive urban development corridors. We look forward to continuing this momentum by integrating additional outlet centers in our expanding national portfolio.”
TEI has tapped The Woodmont Company, a leading nationwide provider of premier real estate products and services, to handle marketing, leasing and management of Columbia Gorge Outlets.
Tom Salanty and Gary Griff of Cushman & Wakefield represented Simon Property Group on the sale of the outlet center. Ami Ziff and Jonathan Kim represented TEI on the acquisition.
