Located at 541 N.E. 20th Ave. near Interstate 84 in Northeast Portland, the price for the class B property also includes 233 parking spaces and a 36,600-sf lot currently used for parking that is zoned for general commercial use. "The lot brings a development play into the deal," says Michael Kapnick of Marcus & Millichap, who holds the disposition assignment.
The space being vacated is leased by Adidas America. Though signed on for the space until 2005, the firm is preparing to relocate to new headquarters in North Portland. "One of their motivations to sell is that they bought a leased investment and they don't want to have to deal with a release from Florida," says Kapnick.
Constructed in 1930, the landmark building underwent a complete renovation in 1994, which included a seismic upgrade. All mechanical systems in the building were replaced during the renovation. Parking is provided by an underground garage and two surface lots, one immediately to the north of the Jantzen building and one across the street.
Possible interested buyers include Ashforth Pacific, Joe Weston, Barry Menashe and John Klimp, among others. Ashforth owns several buildings and properties in the nearby Lloyd District, and has been eying the Forum Building, a 48,000-sf building located two blocks east of the expanding Oregon Convention Center. Weston recently acquired the 200,000-sf 1515 Building in Downtown Portland. Klimp recently purchased the 70,000-sf Weatherly Building at the east end of the Morrison Bridge. Menashe recently purchased the Hunt building, an 88,000-sf, seven-story reinforced concrete building at the west end of the Steel Bridge in Old Town.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
