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Portland Retail
James Parsons and Marc Strabic, senior vice president and senior
associate, respectively, for the Trammell Crow Company report
that retail development is strong throughout the metro Portland,
Oregon, area.
“Portland’s first two outdoor lifestyle centers
are underway with Bridgeport Village in Tualatin and The Streets
at Tanasbourne in Hillsboro,” say Parsons and Strabic.
“Both projects look to attract new, upscale retailers
to the market.”
The 465,000-square-foot Bridgeport Village, which is being developed
by Opus Northwest and Center Oak Properties, will be completed
in 2004. Tenants include Oregon’s first Crate & Barrel,
an 80,000-square-foot Regal Cinemas theater, Wild Oats, Borders
Books & Music, Talbots, Hanna Anderson, Coldwater Creek
and P.F. Chang’s. The Streets at Tanasbourne, a 368,000-square-foot
center being developed by Columbus, Ohio-based Continental Real
Estate, will be anchored by Meier & Frank’s first
new store in 20 years as well as a 25,000-square-foot REI, Abercrombie
& Fitch, Express, Limited, Chico’s and P.F. Chang’s.
Other notable projects in and around the Portland area include
the 370,000-square-foot Argyle Square in Wilsonville, anchored
by Target and Costco; Hazel Dell Town Center, a 415,000-square-foot
development anchored by Target in Vancouver, Washington; and
Lowe’s Home Improvement Center in Orchards, Washington.
Parsons and Strabic report that the Washington Square Mall,
Portland’s top regional mall, will undergo a major expansion
to be completed in 2005. Woodburn Company Stores — the
area’s largest outlet mall — is adding 65,000 square
feet of new retail space while The Brewery Blocks, a 1.7 million-square-foot
redevelopment of the former Blitz-Weinhard Brewery in downtown
Portland continues to attract top national and regional tenants
including Whole Foods, P.F. Chang’s, Sur La Table, The
Art Institute of Portland and Pacific Coast Restaurants.
The majority of retail development is occurring in Washington
County and across the Columbia River in Washington State’s
Clark County, making these two submarkets the ones to watch,
say Parsons and Strabic. This is primarily due to the Bridegeport
Village and The Streets at Tanasbourne projects and the 100,000-square-foot
expansion of Washington Square Mall in Washington County as
well as the many large retail developments in Clark County,
led by the Hazel Dell Town Center.
New retail developers to the Portland area include Center Oak
Development, Gerding/Edlen Development, Gramor Development,
Harsch Investments, Killian Pacific Development and Kite Development.
P.F. Chang’s, Krispy Kreme Doughnuts, Whole Foods Market,
Sur La Table, Sportsman’s Warehouse, LA Fitness, Ruby
Tuesday, Rubios, Boston’s Pizza and Cold Stone Creamery
comprise the group of tenants that are new to the City of Roses.
According to Trammel Crow, Portland’s vacancy rate for
Class A retail is approximately 6 percent while all retail properties,
including Class A space, register an 8.2 percent vacancy.
©2004 France Publications, Inc. Duplication
or reproduction of this article not permitted without authorization
from France Publications, Inc. For information on reprints of
this article contact Barbara
Sherer at (630) 554-6054.
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