Sellwood Boys & Girls Club Site Sells for $9M
- Jul 25, 2016
Portland, Ore.—HFF announced it has closed the sale of the Boys & Girls site in Sellwood, a community in Southeast Portland. The buyer, NBP Capital of Portland, paid $8.825 million for the 1.21-acre plot.
HFF marketed the property on behalf of the seller, the Boys & Girls Club of Portland Metro, and also procured the buyer. The HFF investment sales team was led by Managing Director Ira Virden and Director Carrie Hahn. The property was sold on a free and clear basis; the new owner plans to develop a mixed-use community featuring apartment units and retail space.
“We were honored to have been selected by the Boys & Girls Club of Portland to market their Sellwood location. This was a high-profile assignment locally, and a hotly contested process that attracted a lot of interest from local and national developers. With a combination of limited new apartment construction in Sellwood and continued in-migration to the Portland market, we expect the new project to do extremely well and be a big boost to the neighborhood,” said Virden in a statement.
The Sellwood Boys & Girls Club parcel is located at 7119 SE. Milwaukie Ave., at the corner of SE. Ogden Street and SE. Milwaukie Avenue in Southeast Portland. In close proximity are the MAX Orange light-rail line that connects Sellwood to downtown Portland and the Oregon Health and Sciences University (OHSU) campus in Portland’s South Waterfront.
Image courtesy of Google Maps