Forest Grove Center - Forest Grove
Retail | 6.75% CAP | 35,774 SqFt
Marketing description
FITNESS-ANCHORED NEIGHBORHOOD RETAIL CENTER WITH MARK-TO-MARKET UPSIDE
Northmarq is pleased to present Forest Grove Center, a 35,774-square-foot, fully leased neighborhood
retail center in Forest Grove, Oregon. The Property is anchored by Fitness 1440 (35% of GLA) through
May 2029 with 3% annual increases. The tenant mix includes national and regional credit tenants such
as H&R Block, Pizza Hut, and Tuality Healthcare, alongside service-oriented uses largely insulated from
e-commerce competition.
The Property sits directly adjacent to Pacific University (~3,500 students), which also leases space at the
Property through 2028. The surrounding trade area features average household incomes of $113,747
within five miles and continued population growth as Forest Grove serves as an affordable alternative to
the Hillsboro/Beaverton tech corridor.
With in-place rents averaging $15.62/SF, below current market rent of $18-$22/SF and several leases
expiring in 2026, the Offering presents near-term mark-to-market opportunity in a submarket with sub-1%
vacancy. Priced at ~$217/SF, the Offering represents a significant discount to replacement costs of $550/
SF+ for comparable retail centers.
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