Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2435/ Marcus & Millichap and RI Marketplace are pleased to present the opportunity to acquire a vacant, free-standing retail building located at 16603 SE Division Street in Portland, Oregon (the “Property”). Formerly occupied by Regal Cinemas, the Property is being offered significantly below replacement cost—providing an exceptional opportunity for investors to acquire a highly visible and strategically positioned asset with substantial value enhancement potential. Constructed in 1997, the Property comprises a one-story, free-standing building totaling approximately ±62,400 square feet and was formerly operated as a 13-screen Regal movie theater, which closed on December 1, 2024. The building sits on an expansive ±11.76-acre (±512,168 SF) parcel and includes approximately 835 on-site parking spaces. Situated at a signalized intersection, the Property is easily accessible via multiple points of ingress/egress along SE Division Street, SE 162nd Avenue, and SE 166th Place. There is an on-site Cell Tower leased by Mobilephone Company at $1,591.19 monthly with a CPI adjustment each biennial anniversary. The most recent adjustment was on 8/1/2024. This former Regal offers an excellent repositioning opportunity for owner/users or investors seeking to capitalize on long-term upside through lease-up at prevailing market rates (CoStar estimated retail rents of ±$24–$29/SF NNN). The site’s favorable CG, General Commercial Zoning, allows for a wide range of commercial, retail, and entertainment uses, offering flexibility for adaptive reuse or redevelopment strategies. The Property is strategically located in the Mall 205 submarket, a growing suburban corridor within Southeast Portland. Positioned along SE Division Street—one of the area’s primary commercial thoroughfares—the site benefits from strong visibility with nearly 32,000 vehicles passing daily. It sits adjacent to Division Crossing Shopping Center, which features national retailers such as Ross Dress for Less, Ace Hardware, AutoZone, Burgerville, and Subway, further enhancing foot traffic and tenant synergy in the immediate trade area. The Property is also located within the City of Portland’s Enterprise Zone, offering potential tax and development incentives for qualified users. With a Walk Score of 72, the location is considered “Very Walkable,” providing convenient access to nearby neighborhoods, schools, transit options, and services. The combination of suburban growth, robust traffic counts, and proximity to established retail destinations makes this an exceptional repositioning or redevelopment opportunity within one of Portland’s most active corridors. This former Regal Cinemas is positioned within a thriving trade area, surrounded by strong residential growth and access to a population of nearly 167k people within a 3-mile area and ±340k individuals with an AHHI of ±$97k within a 5-mile area.