Downtown Salem Department Store 400 High St NE 164,134 SF Retail Building Salem, OR 97301 $7,900,000 ($48.13/SF)

Colliers International is pleased to present the exceptional redevelopment opportunity at 400 High Street NE in Salem, Oregon – an iconic, full-block former department store
positioned at the heart of Oregon’s capital city. Totaling 188,144 square feet of retail, office, and utility space spread across three primary floors and mezzanine, the property occupies a 2.65-acre site with signalized intersections on all four corners and combined traffic volumes in excess of 35,000 vehicles per day.
The asset includes a five-story secured parking structure with more than 600 stalls, providing unmatched downtown parking capacity and direct access into multiple points of the building. A private skybridge connects the property to the adjacent Salem Center Mall, offering seamless integration with a roster of national retailers such as Kohl’s, American Eagle, Victoria’s Secret, Kay Jewelers, Famous Footwear, and others.
Originally designed as a regional anchor store, the building features the infrastructure and attributes expected of a major retailer including high clear heights, multiple loading docks, truck wells, and a freight elevator. The site benefits from its uniquely prominent position within Salem’s governmental and commercial core and sits within walking distance to the Oregon State Capitol, Willamette University, and Salem Hospital, all while boasting a Walk Score of 92.
With full vacancy and flexible CB zoning, the property is well suited for a wide range of potential uses including large-format retail, mixed-use redevelopment, government agency occupancy, adaptive reuse, or an owner-user campus. Investors may also take advantage of the property’s location within an Opportunity Zone and Salem's Riverfront Downtown Urban Renewal Area, both presenting pathways for significant rehabilitation grants in excess of $750,000 along with tax credits and additional incentive programs.
Offered at a price far below replacement cost, the property represents a rare chance to control an entire city block in a swiftly revitalizing downtown corridor surrounded by emerging developments, improving fundamentals, and substantial public-sector investment.