Youngs Bay Plaza to Expand

Published 5:00 pm Wednesday, April 19, 2006

Atlas Investments, owner of Youngs Bay Plaza in Warrenton, is moving forward on the construction of a 7,000 square foot retail building in the southeast corner of this shopping mall on U.S. Highway 101. The new building will have several storefronts. Groundbreaking is scheduled to begin around May 1. Gary Gilbert, a representative of the investment group, said Starbucks Coffee is a confirmed tenant of this multi-tenant building.

“It will be a ‘real’ Starbucks,” Gilbert said.

Atlas Investments, headquartered in Portland, purchased Youngs Bay Plaza from the California Public Employee’s Pension Fund a few years ago. The investment firm concentrates on retail development, buying existing real estate, or building new.

“With the economy doing as well as it is on the north Oregon coast, the timing was right for an expansion of Youngs Bay Plaza,” said Gilbert.

Gilbert also noted another important reason for expanding at the site.

“One of the key elements driving this project is the fact that our other tenants at Youngs Bay Plaza are doing very well,” he said.

Gilbert said interest in leasing space at the site has been strong, and he anticipates the average tenant will have space requirements of 1,100 to 2,500 square feet.

For more information, contact Gilbert at (503) 241-9312.