For Sale > Mercantile
Located at "Main and Main" of Lake Oswego, the Providence Mercantile property is a pivotal, highly visible location at the signalized intersection of Kruse Way and Boones Ferry Road.
Situated at the gateway to Lake Grove Village Center, a Special District within the Lake Oswego Comprehensive Plan. Unparalleled opportunity to take advantage of the momentum occurring in Kruse Way, and the political and civic enthusiasm for revitalizing the Lake Grove area.
Very strong demographics and traffic counts. Average Daily Traffic Counts of 29,000 cars on Boones Ferry Road; average income exceeds $133,000/year.
Demand for high quality retail, office and residential is very robust. Kruse Way is one of the strongest Class A office submarkets in the Portland Metro area; the adjacent Kruse Village, a new lifestyle retail development, has been an unqualified success.
Close proximity to I-5 and Hwy 217, with easy access to downtown Lake Oswego, Tualatin and Lake Grove.
Property is zoned GC, a liberal designation allowing for retail, office and residential, and encouraging mixed-use through various incentives.
Redevelopment will allow new ownership to capitalize on the significant rent increases occurring in Kruse Way. Rent growth over the past two years has been nearly 13%.
Existing income is ample to cover operating expenses and carrying costs during the timeframe necessary to create a development scheme, gain the required approvals, and commence with implementation.
- Property Type
Office
- Submarket
- Year Built
1979
- Total Acres
1.78
- Property ID
1368300
