Vista Investment Goes Shopping in Portland Market

The 67,000-square-foot historic building was built in 1901 as an historic landmark. The property is currently 100 percent leased to WeWork.

U.S. Customs House, Portland, Ore.
U.S. Customs House, Portland, Ore.

Vista Investment Group has purchased the U.S. Customs House, a 67,000-square-foot building located in Portland, Ore. Eastern Real Estate sold the asset for $30 million. This transaction marks Vista’s latest acquisition of historic buildings located in urban neighborhoods. JLL’s Executive Vice President Paige Morgan, along with Managing Director Buzz Ellis and Senior Vice President Peter Furest, led the JLL team on the sale.

“With its distinctive architecture, large floor plates and high-volume interiors, The U.S. Customs House is an irreplaceable building in the Pearl District of Portland and we consider it one of the jewels in our portfolio,” Vista President Jonathan Barach, said in a statement. “Residential and office users alike appreciate the authentic experience that these historic buildings offer and we continue to look for opportunities throughout the West Coast for these types of assets.”

H-shaped building

The U.S. Customs House is located at 220 NW Eighth Ave., at the corner of NW Broadway and NW Everett Street in the Pearl District submarke, which is home to various restaurants, shopping and entertainment venues.

Built in 1901, as a Portland Historic Landmark, the property was constructed to accommodate the city’s prosperity and status. The four-story building is symmetrical, H-shaped in plan, featuring pavilions extending to the north and south from the central mass. The U.S. Customs Service has been occupying the building for 67 years. At the moment, the U.S. Customs House is 100 percent leased to WeWork, which recently received a $4.4 billion investment from Softbank Group.

Sklar Kirsh’s Partner and Head of the real estate practice Andrew Kirsh served as the legal counsel to Vista Investment Group in the transaction. Vista’s latest transaction included the acquisition of the Nimbus Oaks flex/business park in the Portland submarket of Beaverton, Ore.

Image courtesy of Vista Investment Group