Forced to deal or end up in court, Mensahe is still making out well. Less than a year after paying $4.35 million for the property, he is flipping it to PCC for more than $5.7 million in a deal brokered by CB Richard Ellis. "I could have developed it as a shopping center," Menashe tells GlobeSt.com. "Where else are you going to find 10 acres on 82nd?"
The property lies just north of Division Street on Southeast 82nd Avenue, two heavily traveled streets. On the back part of the property stand two vacant buildings, a 70,000-sf former Builder's Square warehouse and an adjoining 30,000-sf building on which Kmart is still paying rent. Under current development standards, however, the site is big enough to hold closer to 200,000 sf.
PCC's vice president of administration Randy McEwan tells GlobeSt.com the college won't use that extra capacity right away, mostly because it can't afford it. Instead, it will spend about $22 million to demolish the smaller building in favor of parking, renovate and expand the larger one to 80,000-sf and then add another 20,000-sf building to the site closer to 82nd Avenue.
Portland architecture firm Yost Grube Hall is designing the project, which will allow PCC and its growing enrollment to get out of a smaller, less efficient space four blocks down the street. McEwan says the project won't go out to bid, but the college will put out a request for qualifications in the next 90 days to see who's interested in taking the assignment.
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