Northmarq’s Pacific Northwest team arranges $15.75M sale of Rockwood Plaza shopping center in Portland, OR

PORTLAND, Ore. (Dec. 2, 2024) — Northmarq’s Pacific Northwest Investment Sales team led by Kevin Adatto, Sean Tufts, Scott Frank and Joe Dugoni successfully completed the $15.75 million sale of Rockwood Plaza, a 92,677-sq.-ft. shopping center located at 2190 SE 182nd Ave. in Portland, Oregon.

Northmarq represented the seller, Kornwasser Shopping Center Properties. The buyer was YU Investments LLC.

“Rockwood attracted multiple offers from highly qualified groups through our national network of investors and brokers,” Adatto said. “We appreciate the long-standing relationship with this ownership group and are pleased we were able to assist in maximizing proceeds and executing the larger exchange objective.”

Built in 1962 and sitting on 7.99 acres, Rockwood Plaza features national and local tenants including Dollar Tree, Planet Fitness, Posh Nails, Pub 181, Black Rock Coffee, Healthy Active Nutrition, Tin Tin Cafe and more. Over half of the tenants have executed substantial leas extensions over the past few years, including a 10-year Dollar Tree extension in 2021 and a 10-year Planet Fitness extension in 2023. Planet Fitness recently invested more than $1 million into their space.

The shopping center is 97% occupied and features approximately 420 parking spaces. Rockwood Plaza sits in a high-density area with more than 310,000 residents within a five-mile radius. It also boasts a high-traffic location with more than 42,000 vehicles per day passing along SE Division Street.