Intercontinental Real Estate Corporation (“Intercontinental”), in partnership with ScanlanKemperBard Companies, LLC (“SKB”), has acquired Washington Square II (“WSII”), an 86,636-square-foot retail center located in Tigard, Oregon, within the greater Portland metropolitan area for $25.25 million.
Washington Square II is situated on an 8.03-acre site adjacent to Washington Square Mall, one of Oregon’s premier retail destinations with more than 50 years of operating history and approximately 10 million annual visitors. WSII is located along the primary entrance road to the mall, providing strong visibility and consistent cross-traffic. It also sits 0.3 miles north of Oregon Route 217, which provides connectivity throughout southwest Portland. The center consists of three single-story retail buildings constructed in 1984.
“The Portland suburbs continue to outperform the urban core, and Washington Square is the clearest example of that strength,” said Todd Gooding, President and Chief Investment Officer. “This is one of the region’s most resilient retail nodes, characterized by strong household incomes, limited new supply, and deep tenant demand—conditions we believe will continue to strengthen.”
Intercontinental and SKB plan to execute a targeted renovation plan focused on capital repairs, cosmetic upgrades, and leasing initiatives designed to enhance curb appeal and increase leasing velocity. Planned improvements include refreshed façades, new signage, HVAC upgrades and parking lot repairs, all aimed at improving the tenant and customer experience.
“Washington Square II benefits from a strategic location within one of Oregon’s most established retail corridors, supported by strong surrounding demographics and consistent consumer traffic,” said Jessica Levin, Managing Director, West Coast and Associate CIO at Intercontinental. “Through thoughtful capital investment and leasing execution, we believe the property is well positioned to capture durable tenant demand and, as a result, create long-term value.”
“Opportunities of this scale in the Washington Square corridor are increasingly rare,” continued Tyler Kepler, Senior Vice President at SKB. “With retail vacancy below 4% and immediate adjacency to the region’s most productive shopping destination, Washington Square II sits at the center of long-term demand drivers that continue to attract both tenants and capital.”
“The opportunity to partner with SKB on Washington Square II reflects our focus on acquiring well-located retail assets with clear paths to value creation,” said Ross Karetsky, Associate Director, Acquisitions at Intercontinental. “The property’s visibility, existing tenancy, and proximity to Washington Square Mall provide a compelling foundation for lease-up and repositioning.”
ScanlanKemperBard sourced the transaction and brings extensive local operating expertise to the joint venture. Founded in 1993 and headquartered in Portland, Oregon, SKB is a privately held real estate investor, operator, and developer with a portfolio of more than 5.5 million square feet across office, industrial, multifamily, and retail assets throughout the Western United States.