Retail Complex Portfolio Sale - 3 Properties

About this listing

-Travelers who visited Salem spent an average of 30% of their time shopping in the city. (TravelSalem Report)
-Travelers who visit Salem spend an average of $560 per visit per traveling party. (TravelSalem Report)
-There are more than 700 wineries and over 800 vineyards in Oregon's Willamette Valley. (willamettevalley.org)
-Host of the IRONMAN 70.3 Oregon Triathlon
-Salem is growing at a rate of 1.16% annually and its population has increased by 3.57% since the most recent census in 2020. (worldpoplationreview.com)


Salem, OR Population (2023 est.): 181,805
Salem, OR Median HH Income (2021): $62,185

The ever-growing, dynamic, flourishing city of Salem is situated in Oregon's Willamette Valley, one of the Nation's most fertile agricultural regions. Known for being the state capital, it is the third largest city in Oregon, with a population of 181,805.
Salem is located about 46 miles Southwest of Portland, and about 58 miles East of the Oregon coast and serves as the core of both state agencies and the surrounding farming communities. This metro area is home to the historic downtown area, as well as the vineyard-wrapped Willamette Valley countryside.
It lies at the junction of Oregon State Highways 22, 213, and 221. Interstate 5 provides transportation to the North towards Portland, and transportation to the South towards Eugene,OR

Portfolio Sale of Three Multi-Building Retail Complexes in Salem, Oregon.
Pioneer Square (#1), Heritage Square (#2) and the Southgate Shopping Center (#3) are all owned by a local, long-time real estate development family from Salem, Oregon. These retail complexes can be purchased as individual sales, or as a portfolio sale.
Located in both Northeast Salem (#1 & #2) and Southeast Salem (#3), these properties offer solid local, regional and national tenants in some of the busiest neighborhoods in the city.


Buyer to be responsible for verifying occupancy with City of Salem



#1 - Pioneer Square Shopping Center on NE Lancaster Drive near Silverton Road. This property is made up of 16 parcels of land - 61,362 SF of building space and 234,902 SF of parking lot. Tax Lots R355175, R78007 and R78008 contain both building and associated parking lot space, while the remaining 13 lots are parking and land/lot space. There is a shared parking agreement between Los Dos Amigos and the State Offices. Out of the 500 total parking spots, there are 33 spots on the Los Dos Amigos plat. The remaining 467 parking spots are owned by Pioneer Square with 360 of those spaces being shared in a non-exclusive agreement with the State Office. There are 6 ADA parking spots in front of 3200-3260 Lancaster Dr NE and another 6 ADA spots on the South side of the State Office. The current buildings are leased by nine tenants, plus two tenants which are currently leased by the owner. Rent roll and financial information is available upon request.


#2 - Heritage Square is located onNE Lancaster Drive, just south of NE Market Street in Salem, OR. This property is a diverse and well established retail complex made up of four commercial retail buildings and two bare land lots for sale in Northeast Salem,OR on Lancaster Drive. These buildings were built in 1981, with LP siding, and membrane metal or tile faced roofing. The parking lot was redone approximately 10 years ago and has 102 spaces (including 1 ADA space), but is showing signs of alligatoring. A few units have recently had their interiors remodeled. There are both gas and electric meters on site, three dumpster locations, ample signage and a rear exit/entrance from Clay Street. Tenants include: Don Pedro, Queens Night Club, Mercado San Francisco, Hizzi Salon, Delicioso Fresh, El Nopal, Super Pho and a Flower/Gift Shop. Bare Land Tax Lots R76492 and R76493 total approximately 20,909 SF (0.48 AC) and have great upside potential for development.


#3 - Southgate Shopping Center is located in a busy retail area on SE Commercial Street in Salem, OR. It's home to national restaurant chains, Panda Express and Chipotle, and some local favorites, like Donatello's Pizza, Ollies Games and On Any Sundae. This busy retail complex is a great investment or owner/use opportunity. Currently, there is a 17,280 SF (approx.) vacant space, perfect for a retail owner/user; and a detached building, which is approx. 5,579 SF, that will be available for lease in April 2023. This South Salem property is constantly flowing with patrons and has incredible upside potential! There is the opportunity for an investor to develop the property, which has 1.36 AC of vacant land behind the main building which was rezoned to Mixed-Use III (MU-III). There are six (6) parcels for sale in this listing. Currently there is a shared parking and access agreement.

CR (Pioneer Square); MU-III (Heritage Square & Southgate)