JV Acquires 110 KSF Portland Office Building
- Aug 11, 2017
After selling The Citadel in Denver earlier this year, KBS Realty Advisors teamed up with True North Management Group to acquire Sixth at Yamhill, a 109,725-square-foot office building in downtown Portland, Ore. Swift Real Estate Partners sold the 11-story asset for $29.4 million. The transaction was subject to a $26.8 million bridge loan arranged by CBRE. At the time of sale, the building was 30 percent occupied.
Located at 811 S.W. Sixth Ave., in the retail core and adjacent to Portland’s Technology Triangle, the property offers convenient access to and from Stadium Freeway and Interstate 5. Additionally, the asset is within walking distance of multiple bus stations, restaurants and hotels, including Hilton Portland Downtown, Ruth’s Chris Steak House and Veggie Grill. According to Yardi Matrix data, Swift acquired the property in 2014 for $21.1 million from JB Matteson.
Constructed in 1955, Sixth at Yamhill was completely renovated this year. The new improvements include an upgraded lobby, an indoor-outdoor lounge on the fourth floor and dedicated bike parking.
“Recent renovations and its central location make Sixth at Yamhill a fantastic opportunity,” Marina Massari of CBRE Capital Markets said in a prepared statement. “Once this building is stabilized, it will be even more attractive to investors looking for creative office assets in core markets.”
Massari and Sharon Kline of CBRE Capital Markets negotiated the three-year term, full-term interest-only loan, which features two extension options. Barings Real Estate Advisers provided the financing. Additionally, Massari and Kline facilitated the joint venture partnership.
Image courtesy of KBS Realty Advisors