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ACQUISITION Jackson Creek Center sold to California firm Comment By Greg Stiles Mail Tribune Follow @@GregMTBusiness MailTribune.com By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted May. 20, 2016 at 2:55 PM Updated May 20, 2016 at 4:30 PM By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted May. 20, 2016 at 2:55 PM Updated May 20, 2016 at 4:30 PM » Social News A Newport Beach, Calif., commercial real estate firm has acquired Jackson Creek Center in west Medford for $5.4 million. The 87,847-square-foot shopping center, anchored by Albertsons, is Citivest Commercial's first Oregon acquisition. "We're very bullish on Medford," said Larry Weese, president of Citivest Commercial. "I jumped on a plane and took a tour the day before New Year's Eve. There are a lot of ex-pats from California, so much medical and retirement expansion. The whole marketplace is burgeoning." The center, developed by Chris Galpin in 2001, was owned by Jackson Creek Center LLC, associated with Galpin, and later operated by JS Western Retail Investments. The shopping center has a 96.5 percent tenant occupancy rate with 13 national and regional tenants in the food, entertainment and professional service industries. Seven tenants offer grocery or food-related services, while other tenants offer nail care, dental care, medical/beauty services and lottery gaming. "We looked at the growth of this part of the city, pushing out toward Jacksonville, and the overall growth of the Medford (Metropolitan Statistical Area)," Weese said. "The growth is impressive there, the retailers want to be there, and are doing well." He believes the location in west Medford has advantages not available in other parts of town. “The Jackson Creek Center is the only daily-needs retail center in the local Medford community, providing food and service-oriented offerings that are not significantly impacted by the ever-increasing rise of e-commerce,” said Weese. “By acquiring this Internet-resistant center, we will be able to leverage the asset’s long-term stability and resiliency to drive strong yields.” Citivest plans to renew and reposition the property so current leases are below market rents. "We believe there have to be stronger national tenants replacing local tenants with their leases coming up to term," Weese said. “Ultimately, this acquisition meets all of our investment criteria." Weese said the center's facade and signage need to be freshened, but no business plan is yet in place. "This is a smaller-than-normal purchase for us," he said. "But it's a nice solid center. Once we get into a community, we see what's available." Citivest has two additional deals in the works in the Portland area totaling $120 million. "I've been going to Portland, Bandon Dunes and Sunriver for years," Weese said. "We've been wanting to put our flag in the Northwest for years." Reach reporter Greg Stiles at 541-776-4463 or [email protected] . Follow him on Twitter at www.twitter.com/GregMTBusiness , on Facebook at www.facebook.com/greg.stiles.31 . By Greg Stiles Mail Tribune Follow @@GregMTBusiness MailTribune.com By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted May. 20, 2016 at 2:55 PM Updated May 20, 2016 at 4:30 PM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... 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