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Three Brewery Blocks For Sale, If Price is Right

PORTLAND, OR-Gerding Edlen Development retains Chris Johnson of locally based Norris Beggs & Simpson to sell three of five blocks it redeveloped on the northwest edge of the Downtown core.

By Brian K. Miller | Updated on May 07, 2007

PORTLAND, OR-Gerding Edlen Development is looking to sell three of five blocks here that it redeveloped on the northwest edge of the Downtown core, immediately north and west of Powell’s Books at 10th Avenue and West Burnside Street. The locally based developer says it spent $166 million on the three blocks over the past several years. Local industry sources tell GlobeSt.com the combined sale price could top $250 million.

One of the blocks for sale, Block 4, holds a 10-story, 270,000-sf building with 234,000 sf of class A office space and 36,000 sf of street-level retail. The building is 100% leased. Office tenants include Art Institute of Portland (84,000 sf), M Financial (57,000 sf), PPM Energy (49,000 sf), and the Army Corps of Engineers (33,500 sf). Retail tenants include Anthropologie (10,300 sf) and PF Chang’s China Bistro (6,200 sf).

Another block, Block 5, holds a 16-story, 282,000-sf building containing 242 apartment units above 34,000 sf of street-level retail and three levels of underground parking. The multifamily component is close to fully leased. Retail tenants include Lululemon, the North Face, Washington Mutual and West Elm.

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