Wanna buy a shopping center in Hood River?

2 May

You, too, could own a shopping center — and collect rent from Rosauer’s, Sears, the Dollar Store and other tenants. That’s right, the Hood River Shopping Center on the Heights is for sale. According to a report on The Deal.com, Kimco Realty Corp. is adjusting to the economic crunch by selling “all non-essential businesses and properties that include” the Hod River Shopping Center.

Non-essential? To whom? Depends on your perspective, I guess, but Kimco cites bankruptcies by other retailers (i.e. Circuit City etc.) for dinging its revenues. The domino topples. To conserve cash and prop up its stock, it’s laying off people, and liquidating … well, non-essentials. Kimco is asking a “best offer” sale price (bidding is open), but in its downloadable PDF sale flyer notes that the center kicks out net operating income of just over $1 million a year.

It also gives you a look at how much different tenants are paying in rent. Do a little math, and ask yourself if some of those stores can cover rent approaching $4,000 a month, with sales of … well, you get the idea. As one of my favorite service providers up there has told me, repeatedly over the last couple of months, business is “slow, very slow.”

Not to get too dire here, but is Kimco anticipating closures, and lack of willing replacement tenants? Who knows. You can get the details — and form your own impressions — here.

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