The Project: Heslin Holdings purchased the 50k s.f. former Haggen grocery store for $5,750,000 or $115/s.f. The property is located in the affluent and growing city of Tigard, OR which is a superb of Portland.
Challenges: A national REIT owned the property which was on a separate parcel from the rest of the center which was owned by another party. The REIT gave Heslin Holdings only 33 days of Due Diligence and Closing time to purchase the asset before the end of the REIT’s first Quarter.
Results: Utilizing their existing relationships in the Portland market the firm was able to close on time thus meeting the sellers closing requirements. Heslin Holdings is currently in negotiations with several national retailers to occupy the property.