For just under $45 million, someone can purchase the iconic Gateway Shopping Center at the confluence of Interstates 84 and 205. The former Kohl’s building and parking lot are available together with the 24-acre retail complex or separately. The Key Bank parcel at 1205 NE 102nd Avenue is the lone carveout and is not part of the offering. This real estate listing features a significantly sized property anchored by the Gateway Fred Meyer store, with many national chain stores surrounding the expansive parking lot.
Fred G. Meyer built the Gateway Shopping Center in 1954, away from city centers, in what was unincorporated midcounty at the time. The development created the region’s first suburban-style shopping center, focusing on patrons who drove to meet their daily needs. Current structures date back to 1987, with owners reworking almost all the original post-war elements over the decades to meet the ever-changing demands of retail design. The multi-block offering contains six distinct properties with separate registered owners. However, outside of the now-vacant Kohl’s building, the listing focuses on selling the site as a whole.
Portland City Planners zoned this area as Central Commercial, allowing high-density commercial development similar to those found in downtown urban streetscapes. Sellers list the property as 96 percent leased, and a sale would not instantly change the commercial makeup of the shopping center. However, a new owner could repurpose the underutilized parking for redevelopment at the edges of the property, better meeting the urban design guidelines while retaining the existing profit center at the complex.
This listing joins other notable multi-block holdings now on the market in this area, including two whole city blocks and several half blocks to the south. The retail site also sits across from a 5.18-acre vacant property at the southwest corner of NE 102nd Avenue and Pacific Street that Prosper Portland bought last year to secure for future housing redevelopment. City leaders intended the Gateway Tax Increment Financing District to spur significant redevelopment, but few properties have transformed with the density required by the new zoning. Several nearby sites have had their structures demolished and are now fenced, awaiting future use. A buyer looking to expand the Gateway Shopping Center could become the catalyst for the district’s growth, much like Fred G. Meyer’s initial investment. However, it will require substantial funding and a vision that extends beyond its suburban past to meet the current demands of a district envisioned as an urban center.
Update July 19, 2025: NBC affiliate KGW reported that the Gateway Fred Meyer location will close permanently leaving a vacancy in the shopping center’s anchor store roll.
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