As its first Oregon project, CVP purchased a 27,000 square foot McKay’s Market grocery store in Reedsport in November 2017. The business plan had two parts: to right-size the current grocery store and to open a Dollar Tree. CVP worked with McKay’s to modernize its store in a manner that allowed McKay’s to stay open for business during renovations. CVP concurrently signed a long-term lease with Dollar Tree and managed the build-out for the new 10,000 square foot store. The new building boasts a modern storefront with improved ADA access, a renovated, employee-owned grocery store that has served the Reedsport community for almost 40 years, and a contemporary Dollar Tree, the only national dollar store that still sells everything for just $1.
CVP actively manages the asset. CVP worked with Ron Dowhaniuk at SRS Real Estate Partners and Jennifer Martin of Mid-Valley Commercial Real Estate on the brokerage for Dollar Tree. HGE, Inc., out of Coos Bay, designed the renovation work. David Schaffer at Melvin Mark brokered the loan with Columbia Bank.