One of North Portland’s most visible big-box stores is quietly looking for a new landlord. A freestanding Home Depot at Jantzen Beach Center on Hayden Island is being marketed for roughly $41 million, according to commercial listings. The single-tenant store spans about 106,500 square feet on just over nine acres at the north end of Interstate 5, and brokers are pitching it as a long-term net-leased investment, not a redevelopment play. A sale would shift ownership of a high-profile anchor within a shopping strip that Kimco Realty acquired as part of a larger package deal in 2017.
What the broker is asking
Marketing materials from CBRE peg the asking price at $41,045,000 for the Home Depot pad. The site is described as a 106,500-square-foot building on roughly 9.28 acres at 1728 N. Jantzen Beach Drive. The offering memorandum also shows a 5.35% cap rate and a net operating income near $2.2 million, the kind of numbers single-tenant retail investors obsess over when they are hunting for yield. Photos, parcel data and contact information for the CBRE team are posted on the broker's public listing, according to LoopNet.
Kimco Realty, which paid about $131.8 million for the full Jantzen Beach Center in 2017, still owns and manages much of the larger complex and described Jantzen Beach as "a flagship asset located in a coastal, in-demand market" in its purchase announcement. That history helps explain why brokers are framing the Home Depot pad as an institutional-quality net-lease sale instead of a teardown opportunity. The center’s existing scale and national-tenant mix are part of the background materials on the offering, according to Kimco Realty.
Lease and terms
According to broker materials, the Home Depot lease has roughly 10.6 years left on its primary term and includes three 5-year renewal options with scheduled rent bumps, which gives a would-be buyer a fairly predictable income stream. The packet details a roughly 9.9% scheduled rent increase in 2032, followed by step-ups during the option periods. Those lease specifics and parcel assessment data are outlined in the offering posted on commercial marketplaces, per the listing on Crexi.
Why buyers might bite
Single-tenant, corporate-backed net leases tend to attract investors who like steady checks more than dramatic turnarounds, and this Jantzen Beach Home Depot checks a lot of those boxes. The listing touts strong regional traffic, including cross-border shoppers from Washington state, along with prominent visibility from I-5. Center-level visitation metrics and the listed cap rate are highlighted as key selling points for institutional buyers, according to the broker materials posted on Crexi.
The offering was first reported by OregonLive, which flagged the listing and laid out the local context around the Jantzen Beach center. For prospective buyers, the package offers a branded national tenant with a long net lease and relatively predictable income, while leaving any big-picture redevelopment decisions to whoever holds the rest of the Jantzen Beach portfolio.
