Claiming the remaining space at the Target-anchored complex are four new tenants: Sharkey’s Cuts for Kids, Tan Republic, OnPoint Community Credit Union, and BevMo.
“Over the past few years, the two arterials, which intersect the center, have developed into predominant retail and service corridors for east Vancouver,” said Barry Cain, president of Gramor Development Inc.
Gramor Development co-owns the development with investor Steve Oliva, of Hi-School Pharmacy.
According to Cain, the intersection of Mill Plain Boulevard and Northeast 164th Avenue has a traffic count of about 40,000 vehicles per day.
“It is unusual in this economy to have a shopping center 100 percent leased,” said George Macoubray with Portland’s Commercial Realty Advisors LLC. “Shopping centers typically operate with between five to ten percent vacancy at any one time. It’s a testament to the great location, strong trade area and quality development that Mill Plain Town Center has achieved 100 percent lease occupancy.”
“It’s a very desirable area,” added Cain, who will also soon develop Lacamas Square in east Vancouver, across the street from Lacamas Crossing, anchored by Costco, at the intersection of Northeast 192nd Avenue and Southeast First Street.
Check out this Friday’s edition of the Vancouver Business Journal for an in-depth look at another popular retail center in Vancouver, Grand Central at SR-14 and Grand Boulevard.