One of Bend’s longstanding shopping centers, anchored by Macy’s and T.J. Maxx, is for sale for $47.9 million.
Compass Commercial Real Estate Services publicized the listing this week of Bend River Promenade at 3148 N. U.S. Highway 97.
Bend River Promenade tenants are thriving, said Rich Costanzo, a partner in the shopping center. “That’s when you sell a center,” he said. “You don’t sell a center when it’s dying.”
The listing brochure plays up traffic counts on U.S. Highway 97, Central Oregon’s population growth and sales growth of stores in the shopping center. T.J. Maxx is noted as a top performer for its parent company with average yearly sales increasing 9% over the past seven years.
Although Macy’s has been closing stores nationwide, Costanzo said the department store’s Bend business is “excellent.” The company recently extended its lease another five years, he said.
But the 252,147-square-foot Bend River Promenade and its neighbors have dealt with vacancy.
Just to the north is the Shopko that closed last month because of its parent company’s bankruptcy.
Bend River Promenade includes the former McGrath’s Fish House, which closed in December 2016 and has been vacant since. Costanzo said there has been interest in leasing that property, which is on a separate lot.
The former Duck Store on NE Bend River Mall Drive closed late last year. University of Oregon Bookstore Inc. sold the property last month for $1.45 million, Deschutes County Assessor’s records show.
Costanzo said he’s not concerned about the vacant Shopko and expects it will be taken over by another large retailer.
Bend River Promenade also includes some small, locally owned businesses. Delish Donuts co-owner Julie Morris was surprised to hear that the property is for sale. “It’s a moneymaker,” she said. “I don’t think it’s dead weight for them.”
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