Macy's Furniture Gallery
SINGLE-TENANT MACY’S FURNITURE GALLERY ASSET ADJACENT TO WASHINGTON SQUARE MALL
Marketing description
Northmarq is pleased to present the opportunity to acquire a single-tenant Macy’s Furniture Gallery strategically located along SW Hall Blvd (±20,000 VPD), a primary retail corridor serving the Portland MSA. The two-story, 50,808 SF asset sits on a 2.49-acre infill parcel with direct connectivity to Highway 217 (±82,000 VPD) and immediate proximity to Washington Square, one of the highest-performing super-regional malls in the Pacific Northwest, generating over 10 million annual visits per Placer.ai. See page 10 for a detailed overview of Washington Square Mall.
The Property is offered at a 7.00% cap rate on a NNN lease structure, minimizing landlord responsibilities. With four (4) 5-year renewal options carrying 10% rent bumps, the asset offers meaningful upside upon lease extension. The surrounding submarket reports vacancy of approximately 3%, reflecting a deeply supply-constrained retail environment with strong long-term residual value.
Investment highlights
• Established National Tenant: Macy’s Furniture Gallery has operated at this location for nearly 20 years and ranks in the top 10% of furniture stores nationwide by visits per Placer.ai.
• Near-Term Optionality with Built-In Rent Growth: Lease expiration in early 2028 with four 5-year options, each featuring 10% rent bumps, presenting a clear path to enhanced cash flow upon renewal.
• Washington Square Adjacency: Positioned minutes from one of Oregon’s top-performing regional malls, which draws over 10 million annual visits per Placer.ai, driving consistent consumer traffic.
• Large-Format Infill Opportunity: 50,808 SF two-story building on a 2.49-acre MUC-zoned parcel in a supply-constrained submarket, with flexible zoning supporting a wide range of future use scenarios.
• Trade Area Demographics: 5-mile radius average household income exceeds $150,000 per Esri, supporting sustained demand for premium home furnishings within the subject’s immediate trade area.
• Below Replacement Cost Basis: At $247/SF, the offering provides a favorable entry point for a large format infill retail asset in a supply-constrained submarket.
• High-Traffic Retail Corridor: Direct frontage on SW Hall Blvd (±20,000 VPD) with immediate access to Highway 217 (±107,400 VPD).
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