Oregon investment firm buys Hazel Dell Square

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A Medford, Ore.-based investment firm has purchased the Hazel Dell Square shopping center, located near Northeast 78th Street and west of Interstate 5, for $27.6 million.

The fully-leased 139,000-square-foot center, at 7604 N.E. 5th Ave., is home to the new Natural Grocers store as well as LA Fitness and Buffalo Wild Wings. The new owners operate under the name Hazel Dell LTC LLC. The center had previously been owned by Tualatin, Ore.-based Gramor Development and Vancouver-based C.E. John.

Gramor President Barry Cain said the dual ownership led to the decision of the two companies to sell the property. Gramor is the lead developer on Vancouver’s long-planned downtown waterfront redevelopment project, but Cain said that work is unrelated to the Hazel Dell property sale.