NAI Global Affiliates in Seattle and Vancouver, Wash., Broker Sale of 94,000 SF Kent Business Center
Killian Pacific, a commercial real estate development and investment company based in Vancouver, Wash., has purchased Kent Business Center, a 93,999 sf flex/industrial property in Kent, Wash., an area south of Seattle. More >
Vancouver Public Schools has listed the former City Hall in downtown Vancouver for sale, and enlisted NAI Norris, Beggs & Simpson Principal, Director of Vancouver Production Charlie Kleier and Senior Real Estate Broker Doug Bartocci to sell the property. More >
MaryKay West, who specializes in investment sales in NAI NBS’ Capital Asset Group (CAG), has a column in today’s Daily Journal of Commerce. West says that though the investment market certainly hasn’t completely recovered yet, 2010 was a big improvement over 2009, and momentum is building in the Portland metro area. More >
Owner Injecting New Life into Property, Space Attracting Tenant Interest During Lease-Up
FMK Properties – Burnside, LLC has purchased Gresham’s Burnside Commons, a 38,053 square foot, three-building retail property, for $1.8 million, and the property is already attracting new tenant interest.
Burnside Commons was built in 2001 and 2006, and offers spaces for lease of 1,200 square feet and larger, for a broad range of retail, office and service uses. The property is well-located in the heart of Gresham, at the intersection of Burnside and Eastman Parkway, with many large employers nearby, including Boeing, Boyds Coffee and ON Semiconductor. More >
Some good news on the Portland metro area investment front this week, just as sunny summer weather finally hit.
Retail Opportunity Investments Corp, a New York real estate investor, is buying five Portland metro area shopping centers for about $90 million. It closed on Vancouver Market Center for $11.19 million, and is under contract for Cascade Summit Shopping Center, Heritage Market Center, Happy Valley Town Center, and Oregon City Point.
Phillips Edison & Co. also purchased Johnson Creek Shopping Center, a 106,709 sf center in Clackamas, for an undisclosed price.
And Behringer Harvard Holdings purchased the 188-unit Tupelo Alley Apartments on N. Mississippi in Portland for $38.75 million in the largest multifamily transaction so far this year.
An investor has purchased the Box & One, two mixed-use buildings at SE 28th and Ankeny, for $1.7 million. NAI Norris, Beggs & Simpson’s Robert Black represented the seller.
The transaction had a 7.2 percent cap rate and was a market-rate deal, Black said.
The 7,318 sf project has ground-floor retail and five loft-style apartments above. It is home to Crema Bakery & Cafe, on the corner of SE 28th and Ankeny, whose space features roll-up garage doors. The other ground-floor retail tenant is Coalition Brewing, which is expected to open this year. More >
NAI NBS’ MaryKay West and Chris Johnson had a column in Portland’s Daily Journal of Commerce yesterday about the investment market. They chronicle how the investment market reached the state it’s in today, where it is headed and when we can expect a recovery. Though it is a challenging time to be a broker, they say that those who are patient, professional and persistent can still get deals done. You can find the article here.