Cumberland Holdings announced the purchase of Keizer Village in Keizer, Oregon (Salem MSA) on June 5, 2015. This 76,000 square foot shopping center is located on River Road and was 95% leased with the following tenants at the time of purchase: Goodwill Industries, Edge Fitness, Little Caesars, Metro PCS and Subway.
“The shopping center has excellent visibility in a growing market,” said Scott Chernoff, Principal at Cumberland Holdings. “It further meets our investment criteria of functional real estate that generates high yielding cash flow.”
This transaction marked Cumberland’s third shopping center investment in Oregon from 2014 to 2015. Equity was from tax deferred exchange proceeds from a Cumberland sponsored investment as well as new equity proceeds from Cumberland's investors. Morgan Stanley Bank provided mortgage financing arranged by Melvin Mark Capital.
The Pennbrook Company provides property management services.