SunnyLan Center
100% OCCUPIED RETAIL CENTER LOCATED IN SALEM’S PRIMARY LANCASTER DRIVE RETAIL CORRIDOR
Marketing description
The Offering provides the opportunity to acquire SunnyLan Center, a 22,344-square-foot, 100% occupied retail center located along Lancaster Drive NE, one of Salem’s primary retail corridors. The Property benefits from strong historical occupancy, with approximately 82% of the GLA occupied for five or more years, 38% occupied for ten or more years, and a current weighted average lease term of 5.74 years. Recent leasing momentum is demonstrated by two newly executed leases with Adriana Beauty Salon and Sinalos Bar & Seafood. SunnyLan Center is positioned near the intersection of Lancaster Drive NE and Sunnyview Road NE, which sees more than 48,000 combined vehicles per day, and is surrounded by major retail, nearby schools, and residential density. The Property is offered at $240 per square foot, significantly below estimated replacement cost, providing investors with the opportunity to acquire a stabilized retail asset in Oregon’s second-largest city at an attractive basis.
Investment highlights
• 100% Occupied with Strong Historical Tenancy: SunnyLan Center is fully leased and has demonstrated strong tenant retention, with approximately 82% of the GLA occupied for five or more years, 38% occupied for ten or more years, and a 5.74-year WALT.
• Recent Leasing Momentum: The Property benefits from two newly executed leases with Adriana Beauty Salon and Sinalos Bar & Seafood, demonstrating continued tenant demand for space within the center.
• Priced Well Below Replacement Cost: The Offering is priced at $240 per square foot, significantly below estimated replacement cost, with similar retail centers costing upwards of $450 to $500 per square foot to develop.
• Major Salem Retail Corridor: The Property is located within the Lancaster Drive Retail Corridor near the intersection of Lancaster Drive NE and Sunnyview Road NE, which sees more than 48,000 combined vehicles per day.
• Strategic Retail Location: SunnyLan Center benefits from its proximity to nearby housing, schools, and major shopping centers featuring national retailers including Ross, Walgreens, Crunch Fitness, and Bi-Mart.
• Attractive Market Fundamentals: Salem’s 2026 population is estimated at 182,620, making it the second-largest city in Oregon and supporting long-term demand for neighborhood-serving retail.
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