Parkrose Hardware Single Tenant NN - 1855 BLANKENSHIP ROAD - OM
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OFFERING MEMORANDUM
Parkrose Hardware
Single Tenant NN
1855 BLANKENSHIP ROAD
WEST LINN, OREGON
CLICK HERE FOR
DRONE VIDEO
TABLE OF CONTENTS CLICK HERE FOR
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investment summary....................................4
property photos.............................................6
area overview.................................................8
tenant profile & lease..................................10
confidentiality agreement...........................12
DAVID MALING
Principal
+1 213 618 3825
david.maling@avisonyoung.com
Lic. 01139115
CHRIS MALING
Principal
+1 213 618 3824
chris.maling@avisonyoung.com
Lic. 00823957
Local Broker of Record:
DENNIS O’NEILL
Senior Vice President
+1 503 542 5880
denis.oneill@colliers.com
Lic. 790-501-439
2 3
1855 BLANKENSHIP RD, WEST LINN, OR THE OFFERING
Avison Young is pleased to offer to qual-
ified buyers the opportunity to acquire
INVESTMENT SUMMARY the freestanding single tenant NN build-
OFFERING PRICE $6,250,000 ing located at 1855 Blankenship Road in
the City of West Linn, Oregon. Currently
CAP RATE 6.3%
occupied by large unit operator, Park-
LEASE STRUCTURE NN rose Hardware is the anchor tenant to
the River Falls Plaza shopping center.
LEASE START DATE May 16, 2021
The property features a large 552’ front-
LEASE EXPIRATION DATE September 1, 2031 age on Blankenship Road, ample parking
with 300 free surface spaces (6.32/1,000
NET OPERATING INCOME $391,471
SF), and was recently remodeled in 2020.
SUBJECT PROPERTY The building is located in premier Water-
PROPERTY DETAILS front Portland metropolitan suburb with
average household income of $131,170
PARCEL NUMBER 21E35C 00803
witin 1-mile radius and immediate access
PROPERTY TYPE SINGLE TENANT RETAIL Interstate 205 which connects to the sur-
rounding metro.
BUILDING AREA ±47,451 SF
LAND AREA ±5.5 Acres / ±239,580 SF
ZONING GC
YEAR BUILT 1998/2015/2020 CLICK HERE FOR
300 FREE SURFACE SPACES DRONE VIDEO
PARKING (6.32/1,000 SF)
INVESTMENT HIGHLIGHTS
• Receivership sale and subject to court approval
• Single tenant NN lease
• Large unit operator
• Abundant parking with 300 free surface spaces
(6.32/1,000 SF) SUBJECT PROPERTY
• 552’ frontage on Blankenship Road
• Multiple ingress/egress points with excellent visibili-
ty from Highway 205 & Blankenship Road Large site
with ample parking
• Located in a well trafficked center benefiting from
the synergy of other retailers
4 5
PROPERTY PHOTOS + SITE PLAN
** Dutch Bros, Chase Bank and the two pad shop
buildings are not part of the offering.
VA-
CANT
6 | WWW.MALINGBARNESINVESTMENTS.COM 1855 BLANKENSHIP RD, WEST LINN, OR | 7
AREA OVERVIEW
POPULATION 1 Mile 3 Mile 5 Mile HOUSING 1 Mile 3 Mile 5 Mile
2024 Projected Population 8,979 48,130 144,866 2024 Projected Households 3,421 18,441 55,983
2019 Estimated Population 8,529 45,518 136,108 2019 Estimated Households 3,255 17,442 52,647
2010 Census Population 8,458 43,967 126,086 2010 Census Households 3,254 16,826 48,971
Growth 2019-2024 5.28% 5.74% 6.43% Owner Occupied 2,329 13,033 37,499
Growth 2010-2019 0.84% 3.53% 7.95% Average Household Income $131,170 $116,856 $108,213
WEST LINN, OREGON is a city in Clackamas
County, Oregon. Now a southern suburb within 5 7
6 8
OAD
the Portland metropolitan area, West Linn has 9
a history of early development, prompted by 4 10
IP R
the opportunity to harvest energy from nearby 3
Willamette Falls. It was named after U.S. Senator
NSH
1 2
Lewis F. Linn of Ste. Genevieve, Missouri, who had 1 Dutch Bros Coffee
NKE
advocated the American occupation of Oregon SUBJECT PROPERTY
as a counterclaim to the British. As of the 2010 2 Chase Bank
BLA
census, the city had a population of 25,109. Great Clips, Avenue
3
In 2011, the City of West Linn was the Top-Ranked Nails, & Biscuits Cafe
Oregon City on the CNN/Money Magazine ‘Best 4 Subway
Places to Live 2011’ List. Oregonians move to
the hilltop homes here for a scenic view of the 5 McDonald’s
Cascades and relatively low local taxes. With Ace Hardware &
Portland just 25 minutes away, most residents 6
Paint
commute into the city during the week. Weekends McMenamins West
are spent enjoying waterfront recreation: 7
Linn Pub
West Linn sits at the junction of two rivers. On Five Guys &
summer evenings, residents enjoy picnic dinners 8 Williamette Dry
over concerts in the park. Locals also flock to a Clean + Alterations
revitalized downtown area, Historic Willamette, Pacific West Bank &
9
which offers a farmer’s market and, occasionally, Venus Nails
dancing in the street. Ixtapa Mexican
10 Restaraunt & Papa
(Source: https://en.wikipedia.org/wiki/West_Linn,_Oregon) Murphy’s
8 | WWW.MALINGBARNESINVESTMENTS.COM 1855 BLANKENSHIP RD, WEST LINN, OR | 9
LEASE ABSTRACT
PARKROSE HARDWARE
Address 1855 Blankenship Road, West Linn, Oregon
Building Size ±47,451 SF
Lease Commencement May 16, 2021
Lease Expiration September 1, 2031
Lease Term Remaining 10 Years 9 Months
$391,471
Current Base Rent (2021) (Seller will credit buyer at the close of escrow the amount of
free monthly rent until the commencement of lease rent)
Scheduled Rent Increase (May 2026) $427,059
Options to Extend Three 5-Year Options at fixed rate
September 2031 - $469,265
Option Rent Increases September 2036 - $516,741
September 2041 - $568,463
Lease Type NN
Guarantor Central Network Retail Group, LLC CENTRAL NETWORK RETAIL GROUP, LLC (CNRG) is a multi-format, multi-brand retailer operating 108
hardware stores, home centers, and lumberyards throughout fifteen states across the US. The 108
* Landlord responsible for roof, walls & structure. Tenant has renovated the building including stores are comprised of sixteen brands in fifteen states with a variety of store formats. While all of these
stores have large hardware and paint departments, strong staff and deep roots in their communities,
new roof, HVAC systems and improvements to the interior and exterior of the building.
they do vary in their focus and customer base.
HARDWARE BRANDS
• Town & Country Hardware – 8 locations in North Carolina
• Elliott’s Hardware – 5 locations in Texas
• Parkrose Hardware – 4 locations in Oregon & Washington
• Buck’s Bargain Center – 2 location in Mississippi
• McLendon Hardware - 7 Locations in Washington
• MAC’S Inc. - 14 Locations in North Dakota, South Dakota and Minnesota
• Outdoor Supply Hardware - 4 Locations in California
PRO-CONTRACTOR FOCUSED BRANDS
• Morrison Terrebonne – 2 locations in Louisiana
• Harvey Home & Hardware – 1 location in Georgia
• Moore’s Lumber & Hardware – 1 location in Dahlonega, Georgia
HOME CENTERS & SMALL-TOWN BRANDS
UPCOMING PARKROSE • Marvin’s – 28 locations in Alabama, Mississippi, Georgia, South Carolina and Tennessee
HARDWARE SIGNAGE • Home Hardware Center – 23 locations in Mississippi, Louisiana and Tennessee
• LumberJack Building Centers – 5 locations in Michigan
• Taylor Foster Hardware – 1 location in Manchester, Georgia
• Hiawassee Hardware – 1 location in Hiawassee, Georgia
10 • Habersham Hardware – 2 locations in Georgia 11
CONFIDENTIALITY AGREEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of 1855 Blankenship
Road, West Linn, Oregon. It has been prepared by Avison Young. This Offering Memorandum may not be all-
inclusive or contain all of the information a prospective purchaser may desire. The information contained in this
Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser
of the Property. It is not to be used for any other purpose or made available to any other person without the written
consent of Seller or Avison Young. The material is based in part upon information supplied by the Seller and in
part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees,
or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this
Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect
thereto. Prospective purchasers should make their own projections and form their own conclusions without
reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum from Avison Young, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum
or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Avison Young expressly reserve the right, at their sole discretion, to reject any and all expressions of
interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this
Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the
purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of 1855 Blankenship Road, West Linn, Oregon or
in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property
including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property,
or information provided herein or in connection with the sale of the Property shall be limited to those expressly
provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a
prospective purchaser have any other claims against Seller or Avison Young or any of their affiliates or any of their
respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of
action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute
an indication that there has been no change in the state of affairs of the Property since the date this Offering
Memorandum.
555 S. Flower Street, Suite 3200 | Los Angeles, CA 90071
DAVID MALING CHRISTOPHER MALING
Principal Principal
License No: 01139115 License No: 01025809
213.618.3825 213.618.3824
david.maling@avisonyoung.com chris.maling@avisonyoung.com
BROKER OF RECORD:
DENIS O’NEILL
Senior Vice President
503.542.5880
denis.oneill@colliers.com
WWW.MALINGBARNESINVESTMENTS.COM
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