Intercontinental Real Estate Corporation, in partnership with ScanlanKemperBard Companies, has acquired Washington Square II, an 86,636-square-foot retail center located in Tigard, Oregon, within the greater Portland metropolitan area, for $25.25 million.

Washington Square II is situated on an 8.03-acre site adjacent to Washington Square Mall, one of Oregon’s premier retail destinations with more than 50 years of operating history and approximately 10 million annual visitors. The center consists of three single-story retail buildings constructed in 1984.

Intercontinental and SKB plan to execute a renovation plan focused on capital repairs, cosmetic upgrades, and leasing initiatives. Planned improvements include refreshed façades, new signage, HVAC upgrades and parking lot repairs.

“Washington Square II benefits from a strategic location within one of Oregon’s most established retail corridors, supported by strong surrounding demographics and consistent consumer traffic,” said Jessica Levin, Managing Director, West Coast and Associate CIO at Intercontinental.