Citivest Commercial LLC, a Newport Beach-based commercial real estate firm that specializes in retail investments, has acquired the Jackson Creek Center, a grocery-anchored, 87,847 square-foot shopping center in the rapidly growing submarket of Medford, Oregon. This is the firm’s first acquisition in Oregon.
“Medford is experiencing an economic resurgence,” said Larry Weese, president of Citivest Commercial. “Fueled by increased confidence in the local economy, the city of Medford has invested in numerous developments and created hundreds of new jobs in the manufacturing and distribution industries. With a population of 210,000 people and counting, the Medford MSA is the fourth largest metropolitan area in Oregon, and is poised for continued economic growth.”
Originally built in 2000, the Jackson Creek Center, which was 96.5 percent occupied at acquisition, demonstrates deep potential for value creation, according to Weese, who points to the existing vacancy and below-market rents as opportunities for a value-add strategy.
Citivest plans to renew and reposition the property, which has not been renovated since 2000, in order to increase the center’s value and maximize rent appreciation.
Weese notes that Citivest Commercial continues to target additional retail investment opportunities in the Oregon market.
Headquartered in Newport Beach, Citivest is a privately held owner, operator and developer of commercial real estate. The company’s executives, each with over 25 years of retail experience, have an extensive multi-cycle track record in the retail sector with a focus on value-add acquisitions and repositions along with select ground-up development projects.