1250 Lancaster Dr SE Salem, OR 97317

This retail center is shadow anchored by a high-performing WinCo, ranking in the top five in Oregon for annual visits with over 2.2 million and annual sales exceeding $100 million. The center is 100% occupied with a weighted average lease term (WALT) of 7.50 years. A new 10-year NNN lease is in place with Urban Air, secured by a personal guarantee from the operator. The location benefits from strong daily vehicle counts, situated on a signalized corner of Lancaster Drive, a primary retail corridor with over 30,000 vehicles per day. It is adjacent to the N Santiam Highway/I-5 interchange, which experiences over 180,000 vehicles per day. Six of the seven tenants have contractual rent increases, with four being annual. Recent capital expenditures include a fresh coat of paint on the entire exterior of the anchor and in-line portion of the center. Three of the seven in-place tenants have occupied their suites for over 10 years, with two tenants having been there for over 15 years. The property size is 109289 square feet.