The 746,000-square foot retail centre sits on 67 acres and is currently 96 percent occupied.
According to Kimco, the centre, located next to Portland’s I-5 highway, attracts 5 million visitors a year with tenants including Home Depot, Target and TJ Maxx.
Located on the Oregon-Washington border, Jantzen Beach benefits from pulling in customers from the 9 percent sales tax state of Washington to the 0 percent sales tax state of Oregon, Kimco said.
Built in 1972, the centre has seen $40 million of renovations completed between 2010 and 2014.
Ross Cooper, president and chief investment officer of Kimco Realty, said: “Jantzen Beach is a flagship asset located in a coastal, in-demand market with significant barriers to entry.”
He added: “This asset exemplifies a key component of our strategic 2020 vision to upgrade the quality of our portfolio with selective acquisitions funded by disposition proceeds.”