Burnside Eastman Crossing

$12,670,000

For Sale

407-473 NW Burnside Rd, Gresham, OR 97030, USA

10220

Property ID

35,237 SqFt

Size

Description

Grocery-Anchored Neighborhood Center for sale

NAI Elliott is pleased to present Burnside Eastman Crossing, a 35,237 SF grocery-anchored neighborhood center on ±3.04 acres at the signalized corner of NW Burnside Road and NW Eastman Parkway in Gresham, Oregon. Built in 2004, the three-building center is anchored by a 19,575 SF Natural Grocers and is 94.4% leased to a long-tenured roster —BedMart, Bright Now! Dental, T-Mobile, and Columbia Bank have operated at the center since 2004. Tenants reimburse operating expenses under NNN leases, all three buildings received new roofs in December 2025, and the available 1,975 SF endcap offers immediate lease-up upside to a pro forma NOI of $830,196.

Necessity Grocery Anchor | Long-Tenured Co-Tenancy | NNN Structure

Natural Grocers (NYSE: NGVC) occupies 19,575 SF —55.6% of GLA —through March 2029 at $17.91/SF NNN, an anchor occupancy cost at the low end of the market range that supports long-term retention
BedMart, Bright Now! Dental, T-Mobile, and Columbia Bank have operated at the center since 2004 —more than 20 years of continuous tenancy
NNN leases with more than $330,000 in annual expense recoveries in place, limiting a buyer’s exposure to operating cost increases

Day-One Upside | Recent Capital Improvements

Located within the Gresham Downtown/Civic Urban Renewal Area (adopted 2025), which plans up to $381 million of public investment over the life of the plan — including a Burnside Road boulevard reconstruction and improvements at the Burnside/Eastman intersection
The 1,975 SF endcap is available; leasing it at approximately $35/SF NNN —below the former tenant’s rate —lifts NOI to a pro forma $830,196 (6.55% cap rate)
New roofs on all three buildings (December 2025) and LED parking-lot lighting (January 2026) reduce near-term capital needs
Signalized corner with ±27,843 ADT on NW Burnside Rd and ±21,200 ADT on NW Eastman Pkwy, minutes from Gresham Station and Gresham Town Fair