91ÊÓƵ

A Portland real estate investment and development firm has added a third historic building to its Central Business District portfolio, effectively positioning the trio for adaptive reuse.

Arthur Mutal, in a joint venture with NFN Investments, has purchased the 102-year-old Woodlark Building for $6.85 million. The nine-story office building, located on the Northeast corner of Southwest Ninth Avenue and Alder Street, is the third property Arthur Mutal has acquired on the block in recent months with an eye toward newer and better uses.

At the end of last year, Arthur Mutal saved the 105-year-old Cornelius Hotel (slightly east of the Woodlark Building) from the wrecking ball by purchasing it from TMT Development for $2.07 million. That followed the firm’s purchase of the 99-year-old Stevens Building (due north of the Woodlark Building) from the Church of Scientology for $4.35 million.

In a previous interview with the 91ÊÓƵ, Jeff Arthur, a managing principal at Arthur Mutal, said the company is considering for the three buildings a variety of schemes that could include a mix of hotel rooms, office space and multifamily housing. Arthur, who was out of the country at the time of the sale, was unavailable to discuss the plans further at present.

Arthur reported via email, however, that the Woodlark’s seller was Bill Jay Corp., and that Nick Kassab at Capacity Commercial represented both groups in the transaction.

“We continue to be bullish on Portland and the office market,” Arthur wrote via email.