JV Acquires Portland Retail Portfolio
- May 09, 2017
ScanlanKemperBard (SKB), in a joint venture with Artemis Real Estate Partners acquired a nine-property, ground-floor retail portfolio located in Portland, Ore.’s Pearl District. Hoyt Street Properties was the seller.
The Pearl District portfolio comprises 86,445 square feet of retail condominiums in nine separate but adjoining blocks, which are 94 percent leased. The properties include Park Place, The Lexis, Bridgeport, The Streetcar Lofts, The Metropolitan, The Encore, Riverstone, Tanner Place and The Pinnacle.
Hoyt Street also developed The Cosmopolitan and is currently building the 143-unit Vista. Assisting SKB on the transaction was Debbie Thomas Real Estate, who is representing SKB in leasing the portfolio.
“The Pearl is home to more than 7,000 residents and 12,000 employees, growing at six times the city average, and will add 4,600 multifamily units and 1.25 million feet square feet of office space in the next five years.” said Todd Gooding, president of SKB, in prepared remarks.
Image courtesy of Pearl District Properties