Cumberland Holdings acquired the Town & Country Shopping Center on September 19, 2013 for $2,400,000. The center consists of 109,985 square feet anchored by Big Lots. The property is located on Hwy 26, the primary retail corridor of Klamath Falls, Oregon. Klamath Falls draws shoppers from Northern California to Central Oregon. South 6th Street averages 30,000 cars per day that drive by Town & Country. Tenant suites range from 1,000 to 24,000 square feet.
Occupancy at acquisition was 50%. The prior ownership was a private individual living out of state that self-managed and leased the property. Cumberland redeveloped the improvements to a contemporary appeal with new store fronts, awnings, and signage. Cumberland also hired professional management and leasing. Tenant suites range from 1,000 to 24,000 square feet.
In August 2016, Cumberland placed a $3M mortgage loan after a successful phase I redevelopment, a lease extension and expansion with Big Lots, and a new 17,000 sq ft lease with Harbor Freight Tools.
In March 2019, the mortgage was refinanced with StanCorp Mortgage at $5,200,000, which included $1.2 million to fund the final phase of redevelopment. In February 2019, Avion Apartments was sold for $13,850,000. Over the 80 month ownership period, Cumberland's investors received a 250% return, resulting in a 18% IRR.