A Lake Oswego retail center anchored by a New Seasons Market store has sold for $49 million.

Gerrity Group purchased Oswego Towne Square, a 124,928-square-foot commercial property, from DWS Group. The sale equates to $392.23 per square foot.

Oswego Towne Square, built in 1992, is 94 percent occupied by a range of tenants, according to CBRE, which represented the seller.

“Oswego Towne Square is the largest and most active shopping center in Oregon’s most affluent community, Lake Oswego,” stated Daniel Tibeau, a Seattle-based CBRE broker who focuses on Pacific Northwest retail properties. “The anchor grocer, New Seasons, is among the most productive in the state.”

The property is at 3 Monroe Parkway, in a portion of Lake Oswego that sits in Multnomah County. The shopping center was recently modernized via an extensive property renovation, Tibeau stated.

“After a thorough marketing campaign, buyer demand was enormous,” he added. “The property is selling after decades of ownership, and the buyer will take possession of a turn-key investment that will continue to serve Oregon’s most affluent submarket.”

In addition to New Seasons (its Mountain Park location), tenants include Columbia Sportswear, Mud Bay, Starbucks, Little Big Burger, Legacy-GoHealth Urgent Care, the Oregon Department of Transportation (a DMV office), and others.

For Gerrity Group, the purchase adds to its substantial retail portfolio. The real estate investment company, founded in 1996 and based in Solana Beach, California, owns about 20 retail centers in California, Colorado, Nevada, Washington and Oregon. Oswego Towne Square appears to be Gerrity’s second Oregon property after Ballad Towne Square, a strip mall in Forest Grove.

Gerrity Group is a vertically integrated owner and operator that has its own leasing, asset management, finance and operations teams.

The seller, DWS Group, is a German asset management company that was split off from Deutsche Bank in 2018. In addition to Tibeau, CBRE’s Dino A. Christophilis represented the seller.