Jantzen Park Property Hits Market at $14.5M

PORTLAND-With more than half of the development about to become unoccupied, the Florida-based owner of the Jantzen Park office complex here is looking for a local buyer to take over the investment. Rents in the building run in the mid-teens. The asking price is $14.5 million.

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.