PORTLAND, Mar. 4, 2025 - JLL Capital Markets announced today that it has secured a $32.384 million financing for Milwaukie Marketplace, a 185,760-square-foot grocery-anchored retail center in Milwaukie, Oregon.
JLL worked on behalf of the borrower, a joint-venture between Lincoln Property Company and PCCP LLC, in arranging the three-year, floating-rate loan through an entity managed by Argentic Investment Management LLC.
The Milwaukie Marketplace, located at 10840 SE Oak St., enjoys a strategic position with excellent accessibility. Situated near Hwy-224 and OR-99E, the property is just seven miles from downtown Portland and benefits from proximity to major employment hubs like Providence Milwaukie Hospital, Kaiser Permanente Sunnyside Medical Center and substantial industrial parks including Milwaukie Business Industrial Park and Clackamas Industrial Park. The surrounding area features a mix of established residential neighborhoods and growing communities, with the property serving a substantial population of 350,000 within a five-mile radius, making it a prime location for retail traffic.
Milwaukie Marketplace, originally built in 1989, sits on a 20-acre lot and has a current occupancy of 64.5%, with major tenants including New Seasons Market as the anchor, as well as Planet Fitness, Ace Hardware and Dollar Tree. The center has a weighted average lease term (WALT) of 11.4 years and is set to undergo renovations in 2025.
The loan features full-term interest-only payments and will support the borrower's business plan to reposition the asset into the premier grocery anchored center in Milwaukie, Oregon.
JLL Capital Market's Debt Advisory team representing the borrower was led by Senior Director Zach Kersten, Senior Managing Director Casey Davidson and Associate David Williams.
"We believe this financing demonstrates the continued lender appetite for well-located retail assets with strong sponsors and thoughtful business plans," said Kersten. "Despite recent challenges in the retail sector, including tenant bankruptcies, we were able to secure competitive terms that will allow our clients to execute their value-add strategy for Milwaukie Marketplace."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on March 04, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 04, 2025 at 19:57:28.063.
