Archive for April, 2010
The Portland area’s overall retail vacancy rose about half a percentage point to 8.0%, with negative 293,920 sf of absorption. Central City saw the greatest increase of 1.5% for a total vacancy of 11.7%, the highest of any submarket. Nearly 15,000 sf is currently available at One Main Place, and Pioneer Place has about 50,000 sf available. Vacancy also rose nearly a percentage point in the Southeast/East Clackamas and Eastside submarkets. Vancouver vacancy stayed steady at 10.5%, though 59,573 sf was absorbed at Columbia Square. The 93,000 sf Bowyer Marketplace WinCo store, at the corner of NE 119th Street and 117th Avenue, delivered this quarter. More >
Industrial vacancy decreased slightly to 14.56%, with 118,458 sf absorbed. Vacancy in North/Northeast remained stable at 17.58%. Some large leases were signed in this submarket, including Owens Corning leasing 123,120 sf at Bybee Lake Logistics Center – Phase II. Ferrotec USA and Archive Systems also signed leases at Birtcher Center @ Townsend Way totaling 81,850 sf. Vacancy in Vancouver decreased about 1.5 percentage points, as 82,800 sf was leased up at Hart Industrial Center, bringing that property to 100% occupancy, and 40,267 sf was leased at Westside Business Center. More >
NAI NBS’ Neville Bassett (Portland), Doug Bartocci (Vancouver), and Garret Harper (Vancouver) have obtained the Certified Commercial Investment Member (CCIM) designation.
A CCIM is an invaluable resource to the commercial real estate owner, investor, and user, and is among an elite group of more than 9,000 professionals across North America and in 30 countries abroad. Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation, an indication of one of the most coveted and respected designations in the industry.
To attain the CCIM designation, each broker completed four core courses, an ethics course and three elective credits, prepared a portfolio and passed a comprehensive exam.
NAI Norris, Beggs & Simpson made a strong showing in the 2009 CoStar Power Broker Awards. For the fifth consecutive year, NAI NBS was named a top leasing and sales firm in the Portland metropolitan market. More >
Central City office vacancy remained stable this quarter at 11.99% (see vacancy comparison chart at right), with 54,312 sf absorbed. Some significant sales and leases occurred, especially in the Central Business District. The General Services Administration (GSA) signed four leases totaling more than 250,000 sf at First & Main, which delivered this quarter, and Alpha Broadcasting leased more than 25,000 sf at Pacwest Center. In one of the largest sales in recent months, KBS REIT II purchased One Main Place for $57 million, or about $180 per sf. American Pacific International Capital Inc. also purchased the office portion of the KOIN Center, reportedly for between $53 million and $60 million. Vacancy in Northwest fell more than a percentage point to 15.69%, as two tenants leased space at Machine Works, including the GSA in 19,431 sf. More >
John’s Incredible Pizza, a family entertainment restaurant with ten locations in California, has leased space in the Portland metro area to open its first restaurant in the Pacific Northwest.
John’s leased 46,212 sf at the former Circuit City at Washington Green Shopping Center, 9180 SW Hall Boulevard, Tigard, Oregon. NAI Norris, Beggs & Simpson Real Estate Broker J.J. Unger and NAI Capital Senior Vice President Irwin Hyman represented the tenant. Hyman, out of NAI Capital’s Encino office, represents John’s in California, and through the NAI Global network teamed up with Unger when the company wanted to expand into the Pacfic Northwest. More >
Today marks Norris, Beggs & Simpson’s 78th anniversary. Here’s a brief look at NBS’ history.
NBS was founded in 1932 in Portland, Oregon, by A.D. Norris and George Beggs, and later joined by David B. Simpson. The company had a small office in the Wilcox Building, which still stands today at the corner of SW 6th Avenue and Washington Street in downtown Portland.
With the country mired in depression, few areas of the economy were left unscathed. Though the real estate industry suffered, Norris, Beggs & Simpson quickly became profitable by specializing in property management and acquiring many prominent families of the Pacific Northwest as clients. More >