JLL helped broker the sale of the Shoppes at Gateway on behalf of Rouse Properties, LLC. The 821,564-square-foot institutional-quality, grocery-anchored shopping center is located at 3000 Gateway Street in Springfield, Oregon. An affiliate of Balboa Retail Partners purchased the asset.
The center is anchored by Target, Walmart Neighborhood Market, Cabela’s, Kohl’s, Cinemark and Sears. The Shoppes at Gateway features national tenants including Marshalls, Ross, Petco, Ulta, Hobby Lobby, Ashley Furniture and a number of fast casual restaurants.
JLL Managing Director David Monahan and Executive Vice President Geoff Tranchina represented the seller in the transaction.
“The Shoppes at Gateway is a thriving shopping center that drew significant investor interest," said Tranchina. “JLL’s ability to sell the asset for Rouse and then also offer our third-party management services to the new owner demonstrates our ability to service clients across their spectrum of investments.”
Ideally located in the heart of the Willamette Valley, less than three miles from the University of Oregon, the center was redeveloped into an open-air format in 2015 and rebranded as the Shoppes at Gateway. With more than a half-mile of direct frontage along Interstate 5, the Shoppes at Gateway benefits from exceptional access and visibility to more than 70,000 vehicles passing by daily and over 365,000 residents.