91视频

A full-block Pearl District property that is anchored by a Whole Foods grocery store has sold for $21 million to a California investment firm.

The four-story building totals 134,097 square feet, including ground-floor retail space, and space occupied by a mix of data center, office and private utility tenants above. The property 鈥� surrounded by Northwest 12th and 13th avenues, Northwest Couch Street and West Burnside Street 鈥� was snapped up by Menlo Equities, an investor based in Menlo Park, California.

The property is known as Block 1 of the Brewery Blocks 鈥� a five-block, 1.5-million-square-foot project that was originally developed by Edlen & Co. and completed in 2008.

鈥淭he disposition of this highly complex and unique asset required strategic and adaptive expertise,鈥� Newmark Vice Chairman Nick Kucha, who represented the sellers, stated in a press release. 鈥淲e find tremendous pride in our continued ability to find liquidity for mixed-use commercial assets during this evolving market.鈥�

The sellers were institutional investors advised by J.P. Morgan Asset Management. The property belonged to a real estate investment trust registered in Delaware.

Block 1 was valued at $44.76 million when it was included in a multi-block portfolio sale in 2007 that totaled $291.6 million, according to CoStar and Multnomah County records. The transaction represents a 53 percent loss in value, now pegging the property at $156.60 per square foot.

Menlo Equities represented itself in the transaction. The investment firm has a large portfolio of commercial real estate assets in California, the Pacific Northwest, across the Sun Belt and Virginia. In Portland, Menlo previously traded a 13-story, 238,996-square-foot office building at 220 N.W. Second Ave., buying it in 2015 and selling it three years later.

The sellers in the latest transaction were represented by Newmark鈥檚 Kucha, Vice Chairman Nick Bicardo, Senior Managing Director James Childress, Director Jakob Nicholls, Director Kellen Kollmorgen and Associate Director Cheyne Bloch.