SKB Buys Historic Downtown Portfolio for $41M

PORTLAND-ScanlanKemperBard has acquired three more Portland properties for its investors, bringing the company’s local investment to nearly $70 million over the past six months. In the latest transaction, which closed this week, the locally-based real estate merchant banking company paid Transwestern LLC $41 million for 283,873 sf in three historic Downtown buildings: the American Bank Building (164,600 sf), Jackson Tower (51,575 sf) and the Mohawk Building (67,699 sf).

The first two buildings, both listed on the National Register of Historic Places, flank the north and south sides of Pioneer Courthouse Square, a bricked public space considered the heart of Downtown Portland. The third stands a few blocks away at SW 3rd Avenue and Morrison Street.

All three properties include a mix of high quality retail tenants, including St. John’s Knits, Borders Books & Music, Wells Fargo Bank and Margulis Jewelers. The office tenants generally consist of attorneys, accountants, architects and engineers, including Fletcher Farr Ayotte, Interface Engineering and SRG Partnership. The portfolio’s retail space is 100% occupied while the office space is 89% occupied.