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Towne Storage Building Trades Hands

PORTLAND-A combination of TIC's, Trusts and LLC's pays $4.2 million for the 93,000-sf, five-story brick building located on Southeast 3rd Street, next to the east end of the Burnside Bridge. The seller picked it up 10 years ago for $460,000.

By Brian K. Miller | Updated on September 16, 2004

PORTLAND-The Towne Storage Building near the east end of the Burnside Bridge has traded hands for $4.2 million. The sellers were a local couple, Jeff and Laurie Gordon. Utilized by a number of paper companies through the 50′s, the building became the home of a residential and commercial lighting company in the early 60′s. Jeff Gordon purchased the building in 1993 from the FDIC for $460,000, according to Multnomah County records. The current uses for the five-story, 93,000-sf building are storage and lofts for artists and small businesses. Multnomah County uses one of the floors for warehouse space, and the rest is used for mini-storage and creative studio space. The building is currently 85% leased. All tenants are on short-term leases. The new owners include two other local couples, Paul and Nancy Frisch and George and Joy Bean. The remaining investors are a combination of TIC’s, Trusts and LLC’s, according to the brokers in the deal, Tom Lawwill and Chase Brand with Norris & Stevens Inc. The property sits at 17 SE 3rd Ave., across the Burnside Bridge from where the Portland Development Commission has tied up five blocks of property in which Home Depot reportedly has expressed interest. The investors’ ultimate plan for the property is as a redevelopment opportunity, but it could take a few years for that to pencil out. “The current rents that can be achieved in the neighborhood don’t support redevelopment at this time,” Brand tells GlobeSt.com.

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