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A 5,800-square-foot retail building in Portland’s Cully neighborhood has sold for nearly $2 million.

A local investor purchased the building at 5013-5027 N.E. 42nd Ave. for $1.957 million from The Guild, a limited liability company formed by local restaurateurs.

The property was sold as a fully leased asset. The tenants are Oakshire Brewing, a Eugene-based brewpub that opened a beachhead in the Portland market, and Miss Zumstein’s Bakery and Coffee Shop.

The buyer was listed as S&J Holdings, an LLC that lists Sonny and Jessie Randhawa of Portland as members.聽聽 The purchase, which closed Oct. 4, was part of a 1031 exchange, according to broker Ethos Commercial Advisors.

The seller, The Guild, LLC, has as members Alex Ganum, Benjamin Meyer and Marcus Hoover, according to the Oregon Secretary of State’s office. Ganum, Meyer and Hoover also started Grain & Gristle in Northeast Portland. Ganum is also the founder and owner of Upright Brewing, located near the Rose Quarter.

The Cully building was most recently occupied by Old Salt Marketplace, a meat-focused restaurant and butcher. It was completed in 1949.

Ethos Commercial Advisors’ Josh Bean and Brian Hanson handled both the lease and sale on behalf of the seller. 鈥淲e were excited to help our good friends from Old Salt in this transaction,鈥� Bean stated in a news release. 鈥淭he Oakshire Beer Hall is a great addition to Northeast 42nd and has received a very warm reception from locals and beer tourists alike.鈥�