Northmarq’s Pacific Northwest team arranges $13.595M sale of Schoolhouse Square shopping center in Keizer, OR

KEIZER, Ore. (Dec. 9, 2024) — Northmarq’s Pacific Northwest Investment Sales team led by Sean Tufts, Kevin Adatto, Scott Frank and Joe Dugoni successfully completed the $13.595 million sale of Schoolhouse Square, a 93,964-sq.-ft. shopping center located at 5001 River Rd. N. in Keizer, Oregon.

Northmarq represented the seller, Bloch Properties based in Bellevue, Washington. The buyer was Lucky Fortune Investments, Inc. of Salem, Oregon.

"This property drew significant interest, generating multiple offers and strong competition among buyers,” Tufts said. “We are happy for the fantastic result for the longstanding client of ours through a less than stable debt environment over the past few months.”

Schoolhouse Square was built in 1990 and remodeled in 2005, and a new pad retail building was completed in 2017. The shopping center features national and local tenants, including a 15-year anchor tenant Cascade Farm and Outdoor as well as Papa Murphy’s, Jersey Mike’s Subs, Prosper Athletic Club and The Human Bean. A new pad retail building was completed in 2017.

The 7.23-acre property features approximately 325 parking spaces. It is situated in a submarket that features a 2.4% retail vacancy rate and zero box vacancies along River Road — which accommodates more than 35,600 vehicles per day. Schoolhouse Square is nestled in a location that includes 173,000 residents and 77,000 employees within a five-mile radius and is nearby Interstate 5 and State Highway 99E.