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A portion of a 22-year-old mixed-use development in the Pearl District has changed hands. (courtesy of CoStar Group Inc.)
Portland mixed-use asset sells for $5.7 million
Hilary Dorsey//October 9, 2023//
Jewell Capital, a commercial real estate capital advisory firm based in New York City, has purchased The Gregory, in Portland鈥檚 Pearl District, for $5.7 million. Genworth, also of New York, was the seller.
Constructed in 2001 at 425 N.W. 10th Ave., The Gregory is part of a larger mixed-use complex featuring 133 high-end residential condominiums, which were not included in the sale. The acquisition totaled approximately 50,000 square feet of improvements with three floors of office space over street-level retail space. At the time of the sale, The Gregory was 55 percent occupied by local retailers and a mix of professional office users in a variety of suite sizes.
The property isn鈥檛 far from freeways and multiple transit options, including Union Station and the Portland Streetcar.
Kidder Mathews brokers Darren Tappen, Sean McCarthy and Brandon O鈥橪eary represented Genworth in the transaction.
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