Northmarq’s Pacific Northwest Commercial Investment Sales team arranges $12.25 million sale of Lancaster Marketplace

SALEM, Ore. (Jan. 8, 2025) — Northmarq’s Pacific Northwest Commercial Investment Sales team led by Sean Tufts, Kevin Adatto & Joe Dugoni successfully completed the $12.25 million sale of Lancaster Marketplace, a 119,357-sq.-ft. retail center located at 1124 and 1266 Lancaster Dr. SE in Salem, Oregon.

Northmarq co-brokered the acquisition. The seller was H and F Investments LLC. The buyer was Rhino Investments Group LLC.

“Lancaster Marketplace presents an exciting opportunity for Rhino Investments to leverage its expertise in value-add projects,” said Tufts. “With strong existing tenants and immediate repositioning potential, we’re excited to see what they have in store.”

Lancaster Marketplace features long-term anchor tenant Sportsman’s Warehouse, along with a mix of smaller tenants like Metro PCS, Subway, and ODOT. The former Spirit Halloween space offers immediate repositioning potential.

The 8.18-acre property is in a high-demand submarket with a retail vacancy rate of just 3.1% and virtually no big-box vacancies. It sees over 20,000 vehicles daily located near State Highway 22 and Interstate 5.  The center serves a thriving community of 185,000 residents and 101,000 employees within a five-mile radius.