Portland, OR - Cascade Station Pad

Description:

SRS National Net Lease in collaboration with Capacity Commercial Group is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in a fully leased, two-tenant, freestanding retail property located at the Cascade Station Pad in Portland, Oregon. The property is occupied by two corporate-backed tenants, Chipotle and Wendy’s. Chipotle has been a tenant for over 10 years and recently exercised a five-year renewal option, with two additional five-year renewal options remaining. Wendy’s has also renewed its lease, extending its commitment through 2033. Both leases are NNN, requiring minimal landlord responsibilities. This offering includes the rare opportunity to acquire the sub-leasehold interest in the underlying land, subject to a ground lease with Target that runs through 2042.

The property enjoys excellent visibility and accessibility, with close proximity to Airport Way (52,100 VPD) and Interstate 205 (160,000 VPD), a major transportation artery serving Portland. Cascade Station is a premier retail corridor and mixed-use destination, home to the state’s only IKEA, a high-traffic Target, and other prominent retailers. The 120-acre site features 800,000 square feet of retail, 1.2 million square feet of office space, and over 250 hotel rooms, making it a heavily visited commercial hub. Nearby national tenants include IKEA, Target, HomeGoods, Nordstrom Rack, and Staples, which help drive strong consumer traffic to the property. The 5-mile trade area boasts a population of over 329,000 with an average household income of $121,952, providing a robust customer base for the long term.