Marcus & Millichap is pleased to exclusively present for sale the Umpqua Center at 1409 Oregon Coast Hwy. Reedsport, OR. This 52,560 square-foot established grocery anchored (Safeway) shopping center sits on 5.06 acres. The property features a strong mix of both national and regional tenants. The property has great visibility along Highway-101 and has multiple points of ingress/egress. There is a large pylon sign that is easily visible from the Highway. There is ample parking for all the Tenants and is the primary retail shopping destination for Reedsport and the surrounding area.
Safeway has been the anchor for the Umpqua Shopping Center since executing their original lease in 1960. Safeway is the only National Grocer within 25 miles of the subject property. Safeway reported strong store sales of $9,300,000 for 2020 for a 19% increase over 2019 and has a percentage rent clause in their lease that will provide a Landlord with additional upside as grocery sales rise. The junior anchor of the Umpqua Shopping Center is the Reedsport Pharmacy which has been serving the Reedsport, Gardener, and Lakeside communities since 1979. In 2018 The Reedsport Pharmacy expanded their space and took on an additional 1,350 square feet. This long-term presence in the community has driven strong customer retention and has helped generate traffic and additional sales for the other tenants in the center.
The property has underwent some significant renovations recently. The awning that spans the entire front of the property was re-roofed with a TPO Membrane. The Landlord also had the asphalt repaved and restriped at the beginning of November (2020). These recent Capital Expenditures will improve the long-term performance and return of the center. The existing loan has a Prepayment Restriction based on Present Value.
Reedsport is located on US Hwy 101 and is the gateway to the Oregon Coast. Reedsport is a 1.5 hour drive from Eugene, the 2nd largest city in Oregon and largest State University, University of Oregon. Reedsport is located in the heart of the Oregon Dunes National Recreational Area which has seen a lot of growth from tourism. Reedsport is just 4 miles from Winchester Bay and the Pacific Ocean. 25 Miles South of Reedsport is Bandon Dunes a premier golfing destination along the West Coast.