One of the largest available commercial buildings in the area could soon have new life. According to a local Realtor, the old Kmart location in Oregon City, which anchors the Berry Hill Shopping Center on Highway 213, has been purchased by Portland-based Deacon Development Group for the tidy sum of $8.1 million.
The Kmart closed in January 2015, putting as many as 70 employees out of work. Commercial Realtor Adam Zagel, with BHG Realty Partners in Oregon City and Canby, says that while he was not directly involved with the deal, he has spoken with a representative of Deacon, who confirmed the purchase and added that the approximately 86,500 square foot building would be split into two retail spaces.
“My understanding was that substantial repairs and upgrades would need to take place before the two tenants take possession of their units,” Zagel says. “My source said they’re not ready to announce who the tenants are just yet.”
Deacon is an experienced real estate firm with a specialty in retail, medical, office and multifamily projects in the Pacific Northwest. One of the signature projects in their portfolio is Woodburn Premium Outlets, all four phases of which was built through their subsidiary, Deacon Construction. Deacon also developed the Arney Retail Center, which is located just south of the outlet mall and is anchored by a T.J. Maxx.
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