A former Walmart store in Portland is getting a new lease on life as a grocery store, thanks to a recent sale to investors. The property, located at 4200 S.E. 82nd Avenue, covering 154,000 square feet, was sold for $20 million.
This transaction was facilitated by Portland International Center, a partnership involving individuals Hoang Nguyen, Brandon Wang, and the Huot Family Revocable Trust.
The sale was completed almost a year after Walmart shut down its operations there. This exciting development promises to bring fresh retail opportunities to the area.
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Local Real Estate Firm Facilitates Major Loan for Former Walmart Property Sale
A local real estate firm, Ethos Commercial Advisors, recently announced via a social media post that it had successfully secured a substantial loan of nearly $15 million. This loan represents three-quarters of the total sale price for the 154,000-square-foot building, although the new owners were not disclosed in the post.
The new owners have been identified as Portland International Center, a partnership formed in September. This partnership comprises Hoang Nguyen, Wang, and the Huot Family Revocable Trust, as confirmed by state business filings.
Wang, the founder and CEO of Hong Phat, shared exciting plans for the property. This will mark the fourth Hong Phat store in the Portland metro area, joining existing locations at 9819 Northeast Prescott Street, 101 Southeast 82nd Avenue in Portland, and 11655 Southwest Pacific Highway in Tigard.
The former Walmart site will transform a Hong Phat store, occupying at least 120,000 square feet, making it Wang's largest location to date. The remaining space, over 30,000 square feet, will be allocated to other tenants.
After the closure of the Walmart location, 379 employees were laid off. Hoang Nguyen hoped to return 200 to 300 jobs to the community through this new endeavor.
Local Business Partners to Transform Former Walmart into Fourth Hông Phát Store
Brandon Wang and Hoang Nguyen, business partners with a history of successful ventures, have announced their plans to convert the former Walmart store into the fourth Hông Phát location.
Over the years, they have collaborated on several business ventures, including establishing two Hông Phát stores.
Their first Hông Phát store opened in 2003 and found its home at 9819 N.E. Prescott St., taking over the space once occupied by Parkrose Market. A decade later, in 2013, they opened their second store at the former Safeway location at 101 SE 82nd Ave. in Portland.
Last summer, the company expanded further by introducing its third store in Tigard at 11655 S.W. Pacific Highway.
In addition to catering to their loyal customer base, the new store in southeast Portland will also venture into wholesale operations, serving restaurants and other grocery stores.
Wang revealed that the grocery store will offer an enhanced shopping experience, featuring a food court section with multiple food services, including fast food and takeout options.
Wang emphasized their deep roots in the local community, stating, "Walmart had their reasons for closing the store, but we are local, we've lived here for a long time, and I guess we understand more about how to put together and open a business to serve the area."
This commitment to the community suggests a promising future for the new Hông Phát store and its impact on the local economy.
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