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ScanlanKemperBard has partnered with ReCap Real Estate Investment to acquire the Leftbank property near the Rose Quarter.

The property consists of a four-story building with 60,209 square feet of rentable space, an adjacent parking lot and a vacant, developable land parcel.

鈥淲e love the neighborhood,鈥� said Todd Gooding, president and principal at ScanlanKemperBard. 鈥淲ith Broadway being a big bike corridor, we see strong tenant demand for this area.鈥�

SKB purchased the properties for $17.1 million, according to Multnomah County records. It last changed hands in 2007, when it sold for $2.84 million.

SKB represented itself in the transaction. The seller was Left Bank LLC.

The building at 240 N. Broadway has a number of office tenants, as well as the Stingray Caf茅 and Upright Brewing.

Tenants at the four-story building should be able remain in place, Gooding said. SKB plans to tackle deferred maintenance, but no major repositioning is planned for now, he said.

The property has been updated in recent years, and features an airy feel with tall ceilings and exposed wood ceilings and beams.

SKB is looking into development possibilities for the triangular vacant lot, Gooding said. Most likely, SKB will develop the property itself. 鈥淚n all likelihood, we would,鈥� he said.

The property is part of the area that the Albina Vision Trust seeks to redevelop. The concept from the nonprofit civic group would reconnect the street grid, add park space and river connections and provide affordable commercial space and housing.

Gooding said the off-market transaction was not made with Albina Vision in mind. 鈥淚t did not, but we would be a happy participant鈥� if Albina Vision did move forward, he said.

Based in Portland, SKB has a portfolio of 28.9 million square feet of office, industrial and retail space, and 2,154 residential units.

ReCap Real Estate Investment is a wholly-owned subsidiary of RGA Reinsurance Group of America, based in Missouri.

Editor’s Note: The purchase price has been updated to reflect multiple parcels that were聽included in the deal.