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The Pacific Northwest College of Art‘s full block in the Pearl District is going to be redeveloped as apartments.

Seattle-based Security Properties has purchased the approximately 40,000-square-foot building at 1241 N.W. Johnson St. for $11.75 million. The PNCA will continue to lease the space for 16 to 24 months while it converts the former federal post office building at 511 N.W. Broadway into its new campus headquarters.

Jeanne Muir, president of Urban Relations and spokeswoman for Security Properties, said the company will reach out to the Pearl District Neighborhood Association land use committee soon to begin planning for its project – beginning with demolition of the existing building. Security Properties has not yet settled on size and scope for the future development; the property’s zoning allows for 280,000 square feet of building space with a 120-foot height limit.

Security Properties entered the Portland market in 2006 with its acquisition of the Honeyman Hardware Lofts; a major renovation is under way. The company also recently purchased a 91,000-square-foot block on North Williams Avenue, where it plans to build approximately 260 apartment units.

In a prepared statement, Michael Nanney, Security Properties’ director of development, said the company’s strategy is to find well-located sites in great neighborhoods and work with community members to design projects that are respectful to the areas’ unique attributes. The Pearl District property is bound by Northwest Johnson and Kearney streets, and 12th and 13th avenues.

“The Pearl is just the best – it’s just such a powerful urban experience,” Muir said. “This is probably one of the best blocks left in the Pearl District. It’s a great location right next to the MAX lines, the streetcar lines, and near Jamison Square. It’s just a really sterling location.”

Dan Bozich, senior vice president at Urban Works Real Estate, represented Security Properties in the acquisition; Nathan Sasaki, executive director of Apex Real Estate Partners, represented the PNCA.