Cumberland Holdings acquired the 94,000 square foot Sunnyslope Center in Salem, OR on September 12, 2019 for $11,425,000 ($122 per foot). This represents Cumberland’s third Salem. OR retail acquisition. Salem is Oregon’s capital and third largest city with a metro population of 420,000.
Sunnyslope Center is a neighborhood commercial center located on Liberty Road, the main arterial in Southwest Salem. The center has excellent visibility with over 21,000 cars passing the site daily. Built in 1982, Sunnyslope is anchored by a 42,000 square foot Roth’s Fresh Market. Roth’s has been a strong performing tenant since 1983 when they opened at Sunnyslope. At closing Sunnyslope was 92% occupied with a nice blend of national and local tenants, including US Bank, Subway, Snap Fitness, Goodwill, Sylvan Learning Center, Garlic Jim’s Pizza, and Limeberry.
Cumberland will hire The Pennbrook Company to provide third party property management services. Pam Rushing of Coldwell Banker will be the leasing broker. Cumberland assumed a Northmarq CMBS loan at acquisition Cumberland’s private investors provided the equity.