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Mercury Development

Metro, Oregon, United States • 11 - 50 Employees
Commercial Real Estate

Mercury Development was derived from an assortment of entities that first began back in 1933. Originally starting out as a supplier of soda fountain equipment, the company grew finding another demand and began distributing various retail store fixtures and refrigeration equipment to the grocery industry.By the mid-1950's, Mercury Development had established very close ties to the grocery business. As demand for new stores increased and existing box space diminished, the typical order of refrigeration equipment was now accompanied with a request for retail space. This created a natural business opportunity to enter into the real estate industry and the company began developing community shopping centers that were anchored by larger grocery stores. Not only did this generate sales for its fixture products, it created real estate value.Southgate Shopping Center, the first shopping center developed by the company, successfully opened in 1956. The company both directly and through its affiliates, went on to develop 27 more shopping centers while acquiring 7 others. Mercury Development was responsible for the property management, development/redevelopment, and leasing of these centers. A responsibility of 2.4 million square feet with over 750 tenants.Since then, the company capitalized on an opportunity to liquidate several shopping to deleverage. Mercury Development now owns, operates, and manages a unique portfolio of assets which it is currently looking to expand through acquisitions and 3rd party management.