91视频

Three historic Old Town Chinatown office buildings have sold again, this time for $19 million to a local investment firm.

Portland-based NBP Capital was the buyer, acquiring the three buildings from Swift Real Estate Partners of San Francisco.

The three-building Old Town Chinatown portfolio has repeatedly changed hands for increasing prices in recent years. Swift purchased the portfolio for nearly $10.9 million in 2016. In 2014, John Beardsley purchased the three buildings from the Bill Naito Company for $8 million.

The portfolio consists of the Merchant Hotel, Captain Couch and the Norton House. The Merchant Hotel, 222 N.W. Davis St., was built in 1888 and renovated last year. The four-story building has 56,731 square feet. Captain Couch, 24-32 N.W. Second Ave., stands two stories and 17,742 square feet and was built in 1912. Norton House, 31-53 N.W. First Ave., was built in 1875 and is two stories and 13,626 square feet.

At each step, various owners have made improvements to make the buildings more attractive in Portland’s competitive creative office market.

Swift backed major upgrades at the Merchant Hotel, including a multimillion-dollar seismic retrofit and the addition of a tenant lounge, conference center and bike storage room. The Captain Couch and Norton House buildings received cosmetic upgrades to interior common areas.

The three-building acquisition represents the second phase of Swift’s sell-off of Old Town Chinatown assets. In September, the firm sold the New Market Theater and Blagen Block to NBP Capital for $32.2 million. NBP has now acquired a five-building office portfolio in Old Town Chinatown totaling 214,041 square feet for $51.25 million.

鈥淚nvestors and developers have officially taken an interest in Old Town,鈥� CBRE Vice President Charles Safley stated in a news release. 鈥淎s you look at Old Town today there is a flurry of new capital investing in the future of this district. Everywhere you turn there is planned development, new construction, renovation projects and institutional investment coming in.鈥�

Safley聽and聽Trevor Kafoury聽of CBRE’s Portland office represented both the seller and buyer. Nick Santangelo聽of CBRE’s Portland office and聽Brad Zampa,聽Michael Walker聽and聽Megan Woodring聽of CBRE’s San Francisco office secured $17.5 million in acquisition bridge financing.