Nuts and Bolts
Old Mill Marketplace, Owners Richard and Joyce Bohn
Founding Year: 1999, 1st Generation Business
Provide quality residential and commercial property to rent.
Business Products or Services
We own and operate the Old Mill Marketplace located at 2401 Portland Road at the intersection with Elliot Road in Newberg. We currently have four tenants – Starbucks, AT&T, the Sushi Hunter, and the Syndicate Wine Bar. We currently have two vacant suites that are perfect for a local business.
Business Industry Standing
We are a small business with no plans to become a large corporation.
Built in 2017, the Old Mill Marketplace is an attractive setting for local retailers. And with the price of gas as high as it is, it only make sense to shop local.
Some people think that landlords are large corporations with very deep pockets and don’t have to work hard for their income. In the US, a surprising number of properties are owned by ‘Mom and Pop’ investors who struggle just like their tenants in economic downturns.
Starting Up Stories
We started investing in multifamily housing in 1999 in Northern California. We started small and did everything ourselves (repairs, maintenance, tenant management, etc). We grew slowly and in 2019 we decided to diversify. WE looked at small commercial properties in a number of western states. We were really impressed by the charm of Newberg and the potential for growth in the Willamette Valley wine region. We purchased the Old Mill Marketplace from a local developer and closed the sale on January 8, 2020.
On January 9, 2020, the World Health Organization announced an outbreak of a mysterious Coronavirus in Wuhan, China. It seems our timing to enter the commercial market could not have been worse. It’s been a challenging two years for us and our tenants. We hope the worst of the pandemic is behind us. We currently have two vacant suites and hope to welcome two new businesses soon!