Vancouver-based C.E. John Co. has closed on an $11 million loan with U.S. Bank to finance a project to expand and renovate its Cedar Hills Crossing shopping center at 3205 S.W. Cedar Hills Boulevard in Beaverton, Ore., the bank announced Monday.
Seattle-based MOD Pizza has already leased 2,850 square feet in the complex for its first location outside of Washington.
Such projects as the Cedar Hills expansion are a sign that the local economy is gaining momentum, said Ann Young, regional manager for U.S. Bank Commercial Real Estate in Portland.
C.E. John anticipates announcing a slate of new tenants for the 24,000-square-feet of new and remodeled space, expected to be ready this fall. The expansion is planned to enhance the shopping experience for customers and introduce new retailers to the Portland area, said Tom DiChiara, vice president of development for the C.E. John Co. Its affiliate, James E. John Construction, is general contractor.