New York-based Time Equities, Inc. has acquired Orchards Market Center in Vancouver, Wash., its seventh property in the region.
The 178,190-sq. ft. power center was built in 1994 a high-traffic neighborhood of Vancouver, which sits directly across the Columbia River from Portland. It is 98% occupied and home LA Fitness, Sportsman’s Warehouse, Starbucks, Joann Fabric, Office Depot, and Petco.
CBRE represented the seller, SITE Centers, in the $26.6 million transaction.
“Vancouver is growing in a way a lot of communities aren’t,” said Ami Ziff, director of national retail at TEI. “This acquisition builds on our northwest portfolio. We purchased Columbia Gorge Outlets in nearby Troutdale three years ago.”
Ziff said the region is in keeping with TEI’s mandate to acquire well-located assets with durable income streams.