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Jantzen Park Building Fetches Nearly $12M

PORTLAND, OR-The two-building, 115,436-sf office complex in close-in Northeast Portland is 94% leased and 54% occupied. The property has been on the market for two years. The original asking price was $14.5 million.

By Brian K. Miller | Updated on January 25, 2005

PORTLAND, OR-Holt Company Inc. of Vancouver, BC has acquired the 115,436-sf Jantzen Park office complex in close-in Northeast Portland for $11.6 million. The seller, a St. Petersburg, FL-based private investor, has had the property on the market for two years. The original asking price for the class B office complex was $14.5 million.The complex is located at 541 NE 20th Ave., which is near Interstate 84 about two miles from Downtown. The sale includes two office buildings, one underground parking garage and two surface lots (233 parking stalls). The bulk of the leasable space is within the two-story, 109,000-sf Jantzen Park Building originally constructed in 1930 and fully renovated in 1994. The existing complex is 94% leased and about 50% occupied. The going-in capitalization rate is about 12%, according to the sole brokerage firm in the transaction, Marcus & Millichap Real Estate Investment Brokerage Co. That capitalization rate likely will drop later this year when Adidas’ master lease for half the building expires. Tenants include Land America Title Insurance, a sub-tenant for a portion of the Adidas space; Blue Heron Coffee; CDM; Productivity Press; and Providence Medical Center. M&M’s Michael Kapnick represented the seller. M&M’s Jerry Walker and Jason Waxberg secured the buyer. Neither Kapnick nor the new owner could be reached Tuesday evening for comment. In 2002, when the property came to market, Kapnick said one of the surface parking lots, located across from the Jantzen Park Building, is 36,600 sf and zoned for general commercial use. “The lot brings a development play into the deal,” he said.

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