The former Southeast Portland Walmart has traded hands in a $20 million transaction, and its new owners plan to turn the property into a new Hông Phát supermarket.
Brandon Wang, founder and CEO of Hông Phát, said he and his longtime friend and business partner Hoang Nguyen acquired the 154,000 square-foot property at 4200 S.E. 82nd Ave. from Walmart earlier this month.
Walmart shuttered its store at the Eastport Plaza shopping center last March, saying that the store was underperforming.
Wang said he and Hoang plan to transform the former Walmart store into the fourth Hông Phát location. He said the two have partnered in a few businesses in the past, including the opening of two Hông Phát stores.
The first store opened in 2003 at 9819 N.E. Prescott St. — the former Parkrose Market — and the second store came in 2013 at the former Safeway at 101 SE 82nd Ave. in Portland. The company added its third store last summer in Tigard at 11655 S.W. Pacific Highway.
In addition to a customer base, the new store in southeast Portland will also market wholesale to restaurants and other grocery stores, Wang said.
Wang said the store will also feature “multiple food services in a food court section with fast food and takeout options.” He said the grocery store will take up about 120,000 square-feet and that the remaining 30,000 square-feet will be leased out to future tenants.
“Walmart had their reasons for” closing the store, Wang said, “but we are local, we’ve lived here for a long time and I guess we understand more about how to put together and open a business to serve the area.”
The Portland Business Journal first reported that Walmart Real Estate Business Trust sold the building to Wang and Nguyen’s group formed in September, called Portland International Center LLC, for $20 million.
In a LinkedIn post last week, Portland-based Ethos Commercial Advisors said it had arranged the financing for the acquisition of the former Walmart building. The real estate firm said that it had “sourced a 5-year, $14,910,000 loan” that would cover 75% of the purchase price.
--Kristine de Leon; kdeleon@oregonian.com
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