The Shops at Cedar Creek

The Shops at Cedar Creek is a fully occupied, three-tenant retail asset at the signalized intersection of Pacific Highway 99W (38,600 ADT) and SW Edy Road in Sherwood, Oregon, offered at $5,290,000 at a 6.25% cap rate ($330,773 NOI).

Built in 2018, the 8,563 SF building sits on a 44,011 SF parcel within Cedar Creek Plaza, a 59,000 SF mixed-use destination. The property is anchored by Mud Bay, the Pacific Northwest's largest independent natural pet retailer with 60+ locations across Washington and Oregon, alongside Guardian Veterinary Care, a full-service veterinary clinic, and Didi's Café, a Mediterranean restaurant operator with multiple Portland-area locations. All three tenants operate under NNN structures with personal guarantees on the medical and restaurant users. The blended tenancy combines credit-like specialty retail, recession-resistant medical services, and daily-needs food traffic in a single stabilized asset.

Sherwood is one of Oregon's fastest-growing and highest-income cities. The trade area within three miles has an average household income of $166,880, with retail demand indices of 135–140 and pet-spending indices ranging from 105 to 123, reflecting strong demographic alignment with the existing tenant mix. The surrounding Cedar Creek Plaza co-tenancy includes Providence Medical, Planet Fitness, Starbucks, IHOP, The Ackerly Senior Living, and Scenthound. The property benefits from 232 shared parking spaces with cross-easement and direct visibility along 99W.

Income is supported by built-in annual escalations of 2% to 2.5% across all three leases, plus a 10% option bump on Mud Bay's renewal. Mud Bay's lease runs through December 2029 with three 5-year options; Guardian Veterinary Care expanded by 1,200 SF in 2026 and runs through April 2031; Didi's Café runs through April 2028. The weighted average rent is $38.04/SF, generating $325,721 in annual base rent plus $111,111 in CAM reimbursements.