CLIENT: Concourse 97, LLC (previous owner) | Frank’s Landing, LLC (current owner)
SERVICES: Leasing and the subsequent sale of the entire shopping center as well as property management and construction of tenant improvements.
LOCATION: 3853 sw 21st Place, Redmond, OR
CHALLENGE & SOLUTION: The original assignment was to lease multiple spaces that had been vacant for an extended period. The shopping center had struggled to achieve 100 % occupancy since it was developed in 2005.
Compass Commercial was able to lease the vacant spaces within six months of obtaining the assignment. Once the property was fully leased, the previous owner elected to sell the property and we were able to achieve a quick sale to a 1031 exchange investor.
Shortly after the sale closed, Straw Hat Pizza and Northwest Community Credit Union vacated their spaces. Through our marketing efforts we were able to lease the credit union space to the Oregon DMV and the restaurant space to Sora Sushi, a qualified and successful restaurant operator. Compass Commercial Construction Services built out the tenant improvements for the DMV. The property continues to enjoy 100% occupancy and synergy with thriving, stable tenants.
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