Jantzen Beach Center Home Depot Hits the Market for $41M

By the time you've seen David Beckham's Home Depot World Cup ad for the umpteenth time, you might start thinking you can build like him. But what if you could buy like Beckham?

An East Coast firm is betting on that possibility — with a $41 million price tag on a big-box store in North Portland.

New York-based Kimco Realty has listed its Jantzen Beach Center Home Depot for sale at $41 million. The property, located at 1728 N. Jantzen Beach Drive, spans more than nine acres and 106,500 square feet. The company declined to comment on what prompted the listing.

Kimco acquired the Jantzen Beach Center outdoor shopping mall in 2017 for $131.75 million, at the time calling the Hayden Island property “a flagship asset located in a coastal, in-demand market.” The current listing does not indicate plans to close the store, and the lease still has more than a decade remaining, with three five-year renewal options.

The sale comes as retail real estate markets continue to adjust post-pandemic, with landlords and tenants re-evaluating large-format spaces. Home Depot, which has seen steady demand from both DIY homeowners and contractors, typically anchors shopping centers with strong foot traffic. The listing of a single big-box store rather than the entire mall could signal a strategic shift by Kimco to monetize individual assets or rebalance its portfolio.

For potential buyers, the long lease term and established retail tenant offer relatively stable income, though the $41 million asking price reflects the premium placed on well-located, credit-tenanted properties in the Portland metro area.

Given Beckham’s role as a Bank of America pitchman, one might joke about financing options. But serious offers will likely come from institutional investors or real estate investment trusts looking for steady yields.

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