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Weston Picks Up Another Pearl Block

PORTLAND-Weston Investments buys a full block at 1325 NW 14th Ave. as a future redevelopment play for its development arm, Hoyt Street Properties, which is about halfway through its redevelopment of a 30-block former rail yard now considered the northeast quadrant of the Pearl District.

By Brian K. Miller | Updated on January 02, 2005

PORTLAND-Weston Investments recently added to its pile of Pearl District properties, paying $3.5 million for a full block at 14th and Overton. The site is one block removed from the 30-block former Burlington Northern rail yard being redeveloped by Weston’s Hoyt Street Properties affiliate.The newly acquired property holds a 5,000-sf building that eventually will be replaced by a high-rise, mixed use building, Joe Weston tells GlobeSt.com. For the near term, however, it will continue to be occupied by the seller, Penske Truck Leasing, which negotiated a three-year leaseback into the transaction. Broker Joe Sugura with Grubb & Ellis handled both sides of the transaction. Hoyt Street Properties’ redevelopment area extends from Northwest Irving Street to Northwest Quimby Street between Northwest Ninth and Northwest 12th avenues. Including blocks developed with community parks, about half of the 30-block former rail yard has been redeveloped with mixed-use towers typically housing apartments and condominiums on the upper levels, retail on the street level and occasionally office space in between. In mid-December, Hoyt Street announced that pre-sales for its partially completed Pinnacle Condominium at Northwest 10th and Northrup have reached 65% of the 176 units. The 14-story building is expected to be complete in May 2005. It is the ninth multi-level residential development that Hoyt has developed on the one-time rail yard. The other residential properties include Riverstone, Johnson Townhomes, Tanner Place, Kearney Plaza Apartments, Streetcar Lofts, Bridgeport, Park Place and the Lexis.

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