7-Eleven & Sherwin Williams – Portland, Oregon
This site, located in Portland’s Woodstock Neighborhood, was a former Arby’s restaurant. Following several years of vacancy, the structure suffered serious deferred maintenance issues and was occupied by transients. MAJ’s site development plan called for demolition of the existing building and constructing a new, 7,364 SF freestanding building. 3,000 SF was pre-leased to 7-Eleven under a long term, NNN, corporately-guaranteed lease. The balance of the building was quickly leased to Sherwin-Williams under a 10-year, corporately guaranteed lease which includes three, 5-year options. Development challenges included staunch and tenacious opposition by area residents who believed that the store would attract additional crime, litter and other unwanted elements to their neighborhood. The matter was resolved through several meetings and adoption of a “Good Neighbor Plan” between 7-Eleven, the Developer, the Property Owners and area residents. The fully leased building sold in October of 2012.