Oak Grove Market purchased for $15 million
Clackamas Federal Credit Union this month purchased the Oak Grove shopping center where Safeway closed in 2015 in order to build a bank branch at the former 53,000-square-foot grocery store.
For $15 million, the credit union has acquired Oak Grove Market, a four-building, 97,147-square-foot shopping center located at 15003-15121 S.E. McLoughlin Blvd. Built in 1991 by Gramor Development, the center has several other major tenants, including Five Guys, Baxter Auto Supply, Bank of America, Panda Express, Credit Concepts and Gentle Dental. The credit union retained Norris & Stevens for property management and leasing.
Credit Union President/CEO Aaron Goff said he was delighted that Clackamas Federal closed on the deal June 17 with a Texas-based firm called Weingarten Realty Investors.
"Clackamas Federal Credit Union is very excited to breathe new life into this shopping center and expand our footprint in order to help us better serve the community we love," Goff said.
Approximately 2 miles north of the credit union's existing McLoughlin Branch, Clackamas Federal's plans for the new facility include a banking branch with drive-up Interactive Teller Machines. Construction is expected to begin later this year on the new facility, where credit-union officials plan a community center for financial education workshops, credit-union events, and use by community and business partners.
The move will allow the credit union to consolidate staff currently housed in three different facilities around Clackamas County and accommodate growth of the financial cooperative. Completion by early 2021 is expected.
This story has been updated from its original version online to include more details on the credit union's plans for the site.