Safeway tenanted Museum Place property sells for $55M

By: Lee Fehrenbacher//January 4, 2012//

Safeway tenanted Museum Place property sells for $55M

Lee Fehrenbacher//January 4, 2012//

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Los Angeles-based , as CPT Museum Place LLC, has purchased the Museum Place property in downtown Portland for $55 million.

The seller was Sockeye Museum Place South.

Executives at , who co-brokered the deal along with , announced the sale at the company’s Investor Roundtable, Jan. 4, at the Multnomah Athletic Club.

Located at 1030 S.W. Jefferson St., Museum Place is home to 140 apartment units, of which 20 percent are low income units that serve households at 50 percent the median income or lower, said HFO Partner Tim O’Brien. He said that the average rent was $1,235 a month, or about $1.80 per square foot.

Additionally, the building has 49,242 square feet of retail space with the building’s main tenant, , occupying 48,153 square feet. occupies the remaining 1,089 square feet.

Built in 2003, O’Brien said Museum Place was the first mixed-use building in the country with a Leadership in Energy and Environmental Design gold rating.

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