Local Investor Pays $1.8M for Burnside Commons

Owner Injecting New Life into Property, Space Attracting Tenant Interest During Lease-Up

FMK Properties – Burnside, LLC has purchased Gresham’s Burnside Commons, a 38,053 square foot, three-building retail property, for $1.8 million, and the property is already attracting new tenant interest.

Burnside Commons was built in 2001 and 2006, and offers spaces for lease of 1,200 square feet and larger, for a broad range of retail, office and service uses. The property is well-located in the heart of Gresham, at the intersection of Burnside and Eastman Parkway, with many large employers nearby, including Boeing, Boyds Coffee and ON Semiconductor.

NAI Norris, Beggs & Simpson Associate Vice President Jack Gallagher is handling leasing for the center, and is already working with three tenants interested in space at Burnside Commons. The buyer owns a number of investment properties around the area, has flexibility in establishing competitive lease terms, and is a hands-on owner who works closely with tenants.

Burnside Commons felt the impact of the recession, losing three tenants in the past four months, which led to 91 percent vacancy and foreclosure. But the new owners recognized Burnside Commons’ potential. The property has many positive features and will be a solid investment, according to NAI NBS Senior Vice President Jack McConnell, who represented the buyer.