The Burnside Rocket, one of Portland’s most unique and sustainable buildings, has been sold.
San Marino Business Partners, LLC purchased the 16,233 sf mixed-use building at SE 11th and E. Burnside from Kevin Cavenaugh, a local developer and architect, for $2.8 million. NAI Norris, Beggs & Simpson Associate Vice President Robert Black represented both parties. More >
NAI Global’s 2012 Global Market Report is hot off the presses, and features insight into what it calls the “long, slow recovery” of commercial real estate markets around the world. This is the 26th year NAI Global has released the Global Market Report, which contains snapshots of more than 200 markets around the world, provided by the professionals in those offices. Portland, of course, is represented!
Click here for a summary on NAI Global’s blog and a link to the full report.
Power Freight Systems, a third party logistics company, has leased 85,600 sf of industrial space at a former United States Postal Service distribution center at 22310 NW Wagon Way, Hillsboro.
Portland’s commercial real estate market saw some improvement during Third Quarter, particularly in the industrial and multifamily markets.
Central City office vacancy rose slightly to 12.88 percent during Third Quarter, with a number of sales of older downtown buildings, including the Medical Dental Building and the Commerce Building (now called Broadway Commons). Suburban office vacancy fell slightly to 23.20 percent. Vancouver vacancy fell significantly to 14.37 percent, with PeaceHealth’s lease at Columbia Center at Columbia Tech Center accounting for 162,000 sf of positive absorption.
The industrial market saw significant improvement during Third Quarter, as vacancy fell more than two percentage points to 14.35 percent, and 916,859 sf was absorbed. Many of the large leases that were signed had long been in the works, including SoloPower’s 225,250 sf lease at Marine Drive Distribution Center.
Retail vacancy remained fairly stable at 6.38 percent. Much of the negative absorption of the quarter could be accounted for by the closures of four local Borders stores, all at around 25,000 sf.
The multifamily market remains healthy, with just 2.78 percent vacancy, and rental rates have risen significantly year-over-year. Institutional investors remain active players in the marketplace, primarily seeking Class A core properties, and development activity should pick up in 2012 and 2013.
To access the reports, visit http://www.nai-nbs.com/Pages/marketresearch.html.
Caryl Brown, who joined NAI NBS in June, has been leasing and selling retail space in Portland’s Pearl District for nearly 10 years. In that time, the Pearl District has grown and changed considerably, but has always remained a neighborhood with a cohesive brand that draws retailers of all stripes. Brown had a column in yesterday’s Daily Journal of Commerce exploring the Pearl’s image and why it continues to be a destination for local and national retailers, as well as office tenants. Read the entire column here.
F. Michael Nugent, a longtime Portland real estate expert, has joined NAI Norris, Beggs & Simpson as Vice President in our Capital Asset Group (CAG), specializing in investment transactions in all product types, as well as development services.
Mike has an extensive background developing, managing, buying and selling commercial property. Prior to NBS, he was a principal and managing member of Nugent Development LLC, as well as a Managing Director of Obsidian Finance Group. Previously in his career, he was a Vice President and partner at PacTrust, where he oversaw the development, leasing and management of two million square feet of office and industrial buildings in Chicago, Dallas and Austin. He has developed apartments and industrial buildings for his own account, and has extensive experience developing and operating shopping centers.
Mike holds a bachelor’s degree in economics from Stanford University, and has completed advanced coursework in finance and accounting at Stanford’s Graduate School of Business and Portland State University. He serves on a variety of civic boards, including the Providence Portland Foundation and the Jesuit Oregon Province.
Caryl Brown has recently closed two new retail transactions in Northwest Portland. She executed a 7-year, 4,800 sf lease with Crossroads Trading Company on NW 23rd Avenue after a long search to find this perfect space. Brown represented the tenant, who she has worked with for 9 years; the company’s only other Portland location is on SE Hawthorne, which Brown also brokered. Crossroads is a recycled clothing store that buys, sells and trades men’s and women’s clothing and accessories; check out their Fall 2011 Fashion Trend Report, a favorite of Brown’s.
Brown also recently sold a 770 sf commercial condo at the Elizabeth, 333 NW 9th Ave. in the Pearl District (see photos below). The Class A space was purchased by an investor, and the tenant is Urban I.D. Interior Design Studio, a collaboration of seven interior designers. The 15-story Elizabeth, which has 17 commercial units on the ground floor and 186 residential units, was completed in 2005. Brown reports that the sale happened rather quickly: a total of 56 days passed from the date of execution on the listing agreement to close and record of the sale. More >
Two NAI NBS Property Managers Earn Green Certification; Retail Broker Appointed to ICSC Volunteer Position
NAI Norris, Beggs & Simpson Vice President Traci McCauley and Senior Property Manager Cary Morris have earned the designation of Certified Green Broker, a certification granted within the commercial real estate industry to commercial brokers and affiliated professionals who have completed the Certified Green Broker course. In addition, Real Estate Broker J.J. Unger has been named the ICSC State Next Gen Chair for Oregon. More >
Caryl Brown, who joined NAI NBS as a retail broker in June, has recently brokered three leases in Portland’s Pearl District, including bringing two new tenants into the Pearl’s diverse retail mix. More >
Caryl Brown, an experienced commercial real estate broker, has joined NAI Norris, Beggs & Simpson as an Associate Vice President with the retail brokerage team.
Brown was previously a broker with Debbie Thomas Real Estate for nine years, geographically specializing in lease and sale transactions for commercial properties in the Pearl District. She has brokered a number of significant transactions, including recent leases for Crossroads Trading Company, Hammer & Hand, PlayDate PDX, Cupcake Jones and Odd Ball Shoe Company.
Brown holds a BS in business administration from Portland State University. She is a licensed real estate broker in Oregon, and is pursuing the highly respected Certified Commercial Investment Member (CCIM) designation.