Lincoln Property Company and joint venture partner PCCP have acquired a 185,760-square-foot grocery-anchored shopping center outside of Portland, Oregon.

Located at 10840 SE Oak Street in Milwaukie, Oregon, Milwaukie Marketplace is approximately 70% leased, with a mix of national and local retail tenants, including New Seasons Market, Ace Hardware, Planet Fitness and Pietro’s Pizza. Lincoln will provide property management and leasing services for the asset.

The property recently underwent a multimillion-dollar tenant and capital improvement plan in connection with the opening of New Seasons. “Prior to this acquisition, our Pacific Northwest team meticulously assessed the submarket and mix of retail tenants at this asset in particular,” said Travis Drilling, Executive Vice President, Investment and Operations for Lincoln’s Pacific Northwest Region. “We plan to fill the remaining vacancy, including Rite Aid’s former space, to compliment the legacy tenants and important new tenant entrants to the center.”