The Ladd Carriage House, the historic property that was saved from demolition and refurbished, has sold after being on the market for almost three years.

Mike Mygrant, who owns Mygrant Glass headquartered in Hayward, Calif., purchased the property. He and his wife plan for a restaurant to open on the property, according to Graham Taylor, a broker with CB Richard Ellis who represented the buyer, as well as the seller U.S. Bank.

The building sold for $1 million, short of the $1.5 million asking price. The deed was recorded on Wednesday.

I wrote a Block x Block feature on the property when it was still for sale in January, which included the details of the property’s rescue and renovation:

The house was saved by preservationists in 2007 when the neighboring First Christian Church wanted to tear it down. Instead, it was moved from the block temporarily so that church parking could be built underneath and the 23-story Ladd Tower could be built next door.

The house was then moved back to the block and renovated for $2.8 million. Opus Northwest, which developed the Ladd Tower, partnered with the church for the house’s rehabilitation. But Opus, unable to recoup its investment on Ladd Tower, deeded the house and the tower back to U.S. Bank.

The buyers haven’t yet responded to requests for comment.

The post Ladd Carriage House sells to California couple who want to make it a restaurant appeared first on Daily Journal of Commerce.

CB Richard Ellis, a worldwide commercial real estate firm with an office in Portland, has entered into a definitive agreement to acquire the majority of the real estate investment management business of Netherlands-based ING Group N.V.

CB Richard Ellis will pay $940 million in cash to acquire almost all of the ING Real Estate Investment Management operations in Europe and Asia, as well as ING’s U.S.-based global real estate listed securities business, Clarion Real Estate Securities. CB Richard Ellis will not acquire ING’s U.S.-based private market real estate investment management company.

The ING operations will become part of CB Richard Ellis’ Global Investment Management wing, known as CBRE Investors.

According to a statement released today, CB Richard Ellis expects the acquisitions to be finalized in the second half of 2011. The deals must be approved by certain stakeholders, including regulatory agencies in the U.S., Europe and Asia, the statement said.

The portions of the management portfolio that CB Richard Ellis will be acquiring totaled approximately $59.8 billion as Dec. 31, 2010. It’s division, CBRE Investors, currently manages $37.6 billion.

The post CBRE moves toward acquiring ING’s real estate business appeared first on Daily Journal of Commerce.

Brian Owendoff has been relieved of his duties as managing director of the Portland office of CB Richard Ellis, Portland’s largest commercial real estate firms.

Owendoff made headlines last week when the Northwest Examiner, a Northwest Portland-based community newspaper, uncovering Owendoff’s online posting habits. The article includes the names Owendoff had been commenting under, as well as the exact comments he’d posted that were critical of Northwest Examiner Publisher Allan Classen, Oregon Gov. John Kitzhaber and Portland Mayor Sam Adams. The article also includes an apology from Owendoff in which he admits to making the comments.

Robert McGrath, a corporate spokesman for CB Richard Ellis confirmed this afternoon that Owendoff is no longer with the company. In a statement released to news outlets after several media inquiries McGrath said, “Brian Owendoff is no longer with CB Richard Ellis. (CB Richard Ellis) has already begun the process to quickly identify a new market leader for the Portland area.”

Owendoff first came to Portland in 2007 from Ohio to take the lead at Opus Northwest. When Opus was hit hard by the recession in late 2009, Owendoff left for the position at CB Richard Ellis, which has 71 brokers in Portland.

Classen said it was never the paper’s intention to get Owendoff fired, but rather to tell an interesting story.

“It’s been quite a ride since this broke,” Classen said. “We’ve never received this type of attention from anything we’ve done in all our years combined.”

While the firing was somewhat shocking to some in the industry, it would be hard for Owendoff to win a wrongful discharge case considering Oregon is an employment at will state. This means employees can quit a job whenever and for whatever reason. But it also means that in most cases employers can relieve an employee of their duties for whatever reason or no reason at all.

“First, I can’t imagine a lot of people would have sympathy for the guy after what he said,” said Rich Meneghello, a managing partner of the law firm Fisher & Phillips. “But even with that said, it’s not much different than him going down to Pioneer Square, standing on a soapbox and yelling those same things.

“If management didn’t like him doing that, they could fire him.”

According to Meneghello, that doesn’t mean he won’t file a suit, and it doesn’t mean he couldn’t win the case.

“With the unemployment rate as high as it is in Oregon there is probably at least five wrongful discharge cases filed each day,” he said. “These cases are not cut and dry.

They are kind of like business transactions. It’s about how much you are willing to fight the claim.”

Owendoff could not be reached for comment.

The post Brian Owendoff fired after commenting online appeared first on Daily Journal of Commerce.

In 2009, local real estate brokers noticed that businesses were deserting office spaces in suburbs such as Tigard and Tualatin in favor of some in downtown Portland.

Now, interest seems to be shifting back to the suburbs. But they are not necessarily desirable to businesses.

Fresh off its third straight quarter of positive net absorption, Portland’s central business district now has available just one Class A space larger than 40,000 square feet, according to one local real estate professional. However, at least six comparable spaces exist in suburban cities.

“There are over 10 companies in downtown Portland that require 50,000 square feet or more of space (that have lease deals coming up) over the next 36 months,” said Brian Owendoff, managing director of CB Richard Ellis. “Due to the lack of large blocks of space in downtown, these firms will either be forced to split operations into multiple buildings, sign long-term leases that will precipitate new construction in the urban core or relocate to one of the numerous large blocks of suburban office space.”

Owendoff believes the shortage of space in downtown Portland is going to push large businesses to the suburbs. He said that increased demand outside the city will likely lead to rent increases and fewer landlords willing to offer concessions for larger spaces.

Local real estate investor Barry Menashe, whose Sunset Corridor buildings have struggled to draw tenants, said he thinks outflow from the downtown area is under way.

“I’ve been seeing lots of activity lately and getting lots of hits on my spaces, even in Washington County,” he said. “I think we are definitely heading in the right direction in both downtown and the suburbs.”

Overall, there was 250,728 square feet of positive absorption in the Portland-metro area during the third quarter, according to a CB Richard Ellis office market report. The previous eight quarters saw an average absorption of negative 132,000 square feet.

“This quarter was a very good sign of what’s to come for the office market here in town,” Owendoff said, “even though the significant amount of positive absorption was a product of a few bigger deals closing at the same time.

“But I do expect the trend of positive absorption to continue at about 50,000 to 100,000 square feet a quarter as we move forward.”

Big leases included the 200,000 square feet Nike leased at the Tektronix campus in Beaverton, as well as the 133,258 square feet that Vestas Wind Systems leased at the Meier & Frank warehouse in the Pearl District.

The lessors surprised Owendoff.

Over 65 percent of leasing activity in downtown Portland this year has been conducted by the public sector, according to a GVA Kidder Mathews market report. The General Services Administration went on a leasing spree earlier this year due to an environmental upgrade at the Edith Green Wendell Wyatt Federal Building that displaced many federal agencies. The newest downtown building, First & Main, received the biggest boost; however, leases also were signed at the Machine Works Building and several others.

But in the third quarter the private sector made some moves.

“The biggest thing to take away from last quarter is the strength of the private sector in the market,” Owendoff said. “I believe the third quarter of 2010 marked the tipping point of the private sector surpassing the public sector driving office demand in downtown Portland.”

Leasing activity from both sectors bodes well for the central business district’s office vacancy rate; it now sits at 10.2 percent, down from 11 percent the previous quarter. This vacancy rate is rivaled only by the central business district rates of cities like San Francisco, New York and Washington, D.C., according to Owendoff.

And even though tenants must look to the suburbs for large spaces, the downtown market’s low vacancy rates speak volumes.

The numbers helped Menashe decide to move forward with the purchase of the 50,000-square-foot former police headquarters building in downtown Portland last week.

“I make each decision on a case-by-case basis, but I’m definitely more and more confident all the time as the market continues to improve,” Menashe said. “We’ve been doing a lot of leases lately and it just felt like the right time to make this deal happen.”

The post City’s office shortfall is suburbs’ gain appeared first on Daily Journal of Commerce.

Word around the coffee pot is that the 322-unit Ladd Tower apartments, which went on the market in early July, could be sold in the next 30 days.

While nothing has been made official, Brian Owendoff, managing director of the firm listing the tower, CB Richard Ellis, confirmed that a deal should be completed by early October. And while Owendoff wouldn’t confirm a buyer or a price, the rumor is it will be in the neighborhood of $82 million to $84 million.

If the price is accurate, Opus Northwest, the firm that developed the project, would likely only recoup the $84 million construction loan that was taken out for the project. But the rumored price is still much better than .

The 23-story building was originally supposed to be condominiums but was converted to apartments in 2007 after only 60 of the units were presold.

The deal would be one of a handful of large apartment deals to be completed this summer. The others – Harrison Tower Apartments and Tupelo Alley – both sold for $39 million in June.

For now this price is just hearsay. As soon as a deal is finalized, you will be the first to know.

The post Ladd Tower deal coming soon appeared first on Daily Journal of Commerce.

Word around the coffee pot is that the 322-unit Ladd Tower apartments, which went on the market in early July, could be sold in the next 30 days.

While nothing has been made official, Brian Owendoff, managing director of the firm listing the tower, CB Richard Ellis, confirmed that a deal should be completed by early October. And while Owendoff wouldn’t confirm a buyer or a price, the rumor is it will be in the neighborhood of $82 million to $84 million.

If the price is accurate, Opus Northwest, the firm that developed the project, would likely only recoup the $84 million construction loan that was taken out for the project. But the rumored price is still much better than .

The 23-story building was originally supposed to be condominiums but was converted to apartments in 2007 after only 60 of the units were presold.

The deal would be one of a handful of large apartment deals to be completed this summer. The others – Harrison Tower Apartments and Tupelo Alley – both sold for $39 million in June.

For now this price is just hearsay. As soon as a deal is finalized, you will be the first to know.

The post Ladd Tower deal coming soon appeared first on Daily Journal of Commerce.

While local commercial real estate firms scramble to identify the next big movement in the industry, their efforts to diversify could end up adding more financial stress to an industry that is already suffering.

Within the past two months, at least three local firms have announced they are adding new services. Although the new services are varied – one firm is forming an in-house mortgage wing while another will provide solar energy to building owners – they all share the high-risk that comes with trying to establish a foothold in new markets during a less-than-forgiving economic period.

“We have been through two bubbles since we first discussed adding a mortgage wing to Melvin Mark,” said John Petersen, who was hired last week as the president of the newly founded Melvin Mark Capital Group. “But both of those seemed like quick bursts and quick recoveries. This is excellent timing because we can see signs of a recovery but it’s going to be slow, allowing us plenty of time to get acclimated.”

Peterson first discussed the possibility of creating a mortgage sector at Melvin Mark with CEO Jim Mark more than 10 years ago. But the discussions were stalled at the talking stage because both of them were very busy at the time, Peterson said.

Peterson will be joined by Greg Wellington and David Schaffer who will serve as vice presidents of the new group. All three worked at the Capital Markets sector of CB Richard Ellis before the move. The new group will focus on acquiring capital from life insurance companies and pension funds to fund commercial projects around Portland.

“We have felt for a while that mortgage banking was the missing link at Melvin Mark,” Peterson said. “But the timing wasn’t perfect until now because we can start fresh knowing the reset costs of today’s markets.”

NAI Norris, Beggs & Simpson also recently added a new sector to its Portland office. The firm brought on Susan Stratton to be the president of its new NBS Multi-family Management group.

“It seems that throughout the recession the firms that have added additional options are the ones that are positioning themselves well,” said Stratton, who was looking into starting her own property management firm before being offered the new position. “The office and industrial sectors have a lot of similarities, but the multi-family business is a whole different ball game because it is more employee-intensive.”

Norris, Beggs & Simpson historically has used past economic downturns to strengthen itself, Stratton said. But that doesn’t mean the firm’s new venture is without risk.

“… Transaction activity is really down,” Stratton said, “so there just isn’t much opportunity for new investments at this moment.”

She and her team are keeping busy, however, managing about 500 units in the Pacific Northwest right now, and she’s used some recent downtime for marketing. She expects the summer months will increase local activity.

While Melvin Mark and NAI Norris, Beggs & Simpson have spent time in the down economy to become all-inclusive in commercial real estate, CB Richard Ellis has expanded into the sustainability business.

Last month the firm announced it would add a CBRE Solar Solutions wing to its arsenal of services. The new group came about after CB Richard Ellis began working with Smart Energy Capital, a New York-based firm that offers finance, development and advisory services for solar projects.

CBRE Solar Solutions will build, own and operate solar projects on commercial sites and sell power to the building owners and long-term tenants at a discounted rate. This provides lower operating costs to building owners and tenants, effectively increasing the value of the building. CBRE Solar Solutions gets paid for the energy its solar panels create.

“With all the hype surrounding solar energy, it takes expertise and a dedicated effort to separate the facts from fiction in order to take advantage of market opportunities,” said Brian Owendoff, managing director of CB Richard Ellis Portland. “As we roll out CBRE Solar Services, we will be joining the effort to demystify the industry, which we believe will help more property owners take advantage of solar opportunities and accelerate the adoption of solar on a nationwide basis.”

The CBRE Solar Solutions group will be led by Mike Grenier, managing partner at Smart Energy Capital. Even though the group will be housed in Portland, it will look for projects in solar-friendly markets such as California, Arizona and Hawaii.

Owendoff added that starting this new wing at CB Richard Ellis is a continuation of trying to adapt to a single-source delivery system. Even though it is stepping outside the box of standard commercial real estate, the new group will help clients achieve their renewable energy objectives, reduce operating expenses and maximize the value of their real estate assets through an efficient, standardized and transparent process, he said.

The post Portland real estate tries to diversify appeared first on Daily Journal of Commerce.

I wanted to go a bit more in-depth on the issue of NIMBYism in response to an article I wrote earlier this week on the topic.

NIMBY stands for not in my backyard. The term NIMBY refers to anyone who opposes development in their community for whatever reason. Projects that are often protested are airports, big box retailers landfills and affordable housing projects. The concerns associated with development are usually safety, increased traffic and building height.

Variants of the term include NOTE (not over there either), NIABY (not in anyone’s backyard), BANANA (build absolutely nothing anywhere near anyone) and NAMBI (not against my business or industry).

The acronyms convey a somewhat negative connotation. It is usually accompanied by a statement about a . But, that really isn’t the case.

At its roots, NIMBYism is . It is born out of the ideas of democracy and sense of place. Americans, as much if not more than anyone, have a great deal of pride about where they live and how they can affect what happens with their country. Land use decisions are referred to as the last bastion of democracy by Phillip Grillo, land-use attorney with . People feel they can make a real difference in society by dictating what happens to the land, he said.

Look back to the founding of America. Settlers didn’t make the voyage across the Atlantic Ocean because of an easier way of life or an abundance of resources. They came to America because of all the yet-to-be purchased, undeveloped land. Settlers could dictate the use of that land, creating the ultimate sense of place.

Take the recent decision by NortherStar Natural Gas last month to . The process to get the facility approved has been going on for over five-years. Since the beginning, several organizations have fought hard to stop the project.

I’m from the Astoria region and have followed the project closely. A year ago I was certain that the project would go through. Whether I agreed with it or not, it just seemed like an unfair fight, a multimillion dollar energy firm from Texas vs. the Columbia Riverkeepers, a grassroots campaign from Oregon charged with protecting salmon.

The story is the case study for successful NIMBYism. But, were the activists fighting with the Columbia Riverkeepers just a bunch of old-age hippies? No, the group was made up farmers, commercial fisherman, foresters, land rights activists, wildlife activists and land owners along the proposed pipeline, said Brett VandenHeuvel, executive director of Columbia Riverkeepers. NIMBYism is really about protecting the values people feel important, he said.

“People should be protecting their backyards,” he said. “If you can’t protect your immediate surroundings, what can you protect?”

VandenHeuvel went into more detail, noting that the term NIMBYism is usually used by proponents of a project as a way to localize the issue. If the objection is only local, then proponents can argue the project serves a much higher use. When in essence, the land is local, and decisions about it should be made at the local level.

As Brian Owendoff, vice president at , told me, there are two types of NIMBYs, those with legitimate concerns and those that just like to hear themselves talk. The majority have legitimate concerns.

What I am trying to say is: right, wrong or indifferent, NIMBYism is something developers have to deal with. Like religion and culture, protestors of a project are protected by the first amendment. Developers should allow protesters their moment of objection, no matter how silly or unfounded the argument may be.

If being a good patriot doesn’t entice you to do so, I suggest reading up on how hard it is to stop opposition to a development. Take anti-SLAPP (strategic lawsuit against public participation) legislation for example. Under the law, judges can throw out a civil lawsuit before it goes to court if they feel the suit is being used to quiet protestors. Or, the Noerr-Pennington doctrine which protects speech that attempts to persuade public officials under the first amendment. Or, just take the first amendment, which is upheld nine times out of ten anyway.

There is a great piece on the history and social functions of NIMBYism .

is an an article about the ethics of NIMBYism and its presence in affordable housing developments.

And because we all love Wikipedia, click

The post NIMBYism, it’s democracy appeared first on Daily Journal of Commerce.

I wanted to go a bit more in-depth on the issue of NIMBYism in response to an article I wrote earlier this week on the topic.

NIMBY stands for not in my backyard. The term NIMBY refers to anyone who opposes development in their community for whatever reason. Projects that are often protested are airports, big box retailers landfills and affordable housing projects. The concerns associated with development are usually safety, increased traffic and building height.

Variants of the term include NOTE (not over there either), NIABY (not in anyone’s backyard), BANANA (build absolutely nothing anywhere near anyone) and NAMBI (not against my business or industry).

The acronyms convey a somewhat negative connotation. It is usually accompanied by a statement about a . But, that really isn’t the case.

At its roots, NIMBYism is . It is born out of the ideas of democracy and sense of place. Americans, as much if not more than anyone, have a great deal of pride about where they live and how they can affect what happens with their country. Land use decisions are referred to as the last bastion of democracy by Phillip Grillo, land-use attorney with . People feel they can make a real difference in society by dictating what happens to the land, he said.

Look back to the founding of America. Settlers didn’t make the voyage across the Atlantic Ocean because of an easier way of life or an abundance of resources. They came to America because of all the yet-to-be purchased, undeveloped land. Settlers could dictate the use of that land, creating the ultimate sense of place.

Take the recent decision by NortherStar Natural Gas last month to . The process to get the facility approved has been going on for over five-years. Since the beginning, several organizations have fought hard to stop the project.

I’m from the Astoria region and have followed the project closely. A year ago I was certain that the project would go through. Whether I agreed with it or not, it just seemed like an unfair fight, a multimillion dollar energy firm from Texas vs. the Columbia Riverkeepers, a grassroots campaign from Oregon charged with protecting salmon.

The story is the case study for successful NIMBYism. But, were the activists fighting with the Columbia Riverkeepers just a bunch of old-age hippies? No, the group was made up farmers, commercial fisherman, foresters, land rights activists, wildlife activists and land owners along the proposed pipeline, said Brett VandenHeuvel, executive director of Columbia Riverkeepers. NIMBYism is really about protecting the values people feel important, he said.

“People should be protecting their backyards,” he said. “If you can’t protect your immediate surroundings, what can you protect?”

VandenHeuvel went into more detail, noting that the term NIMBYism is usually used by proponents of a project as a way to localize the issue. If the objection is only local, then proponents can argue the project serves a much higher use. When in essence, the land is local, and decisions about it should be made at the local level.

As Brian Owendoff, vice president at , told me, there are two types of NIMBYs, those with legitimate concerns and those that just like to hear themselves talk. The majority have legitimate concerns.

What I am trying to say is: right, wrong or indifferent, NIMBYism is something developers have to deal with. Like religion and culture, protestors of a project are protected by the first amendment. Developers should allow protesters their moment of objection, no matter how silly or unfounded the argument may be.

If being a good patriot doesn’t entice you to do so, I suggest reading up on how hard it is to stop opposition to a development. Take anti-SLAPP (strategic lawsuit against public participation) legislation for example. Under the law, judges can throw out a civil lawsuit before it goes to court if they feel the suit is being used to quiet protestors. Or, the Noerr-Pennington doctrine which protects speech that attempts to persuade public officials under the first amendment. Or, just take the first amendment, which is upheld nine times out of ten anyway.

There is a great piece on the history and social functions of NIMBYism .

is an an article about the ethics of NIMBYism and its presence in affordable housing developments.

And because we all love Wikipedia, click

The post NIMBYism, it’s democracy appeared first on Daily Journal of Commerce.

KRUSE WAY STATISTICS

Fourth quarter of 2009
Direct vacancy: 19.7 percent
Total vacancy: 21.1 percent
Net absorption: 30,928 square feet
Year-to-date net absorption: 181,335 square feet
Asking rent for Class A space: $24.62 per square foot
Asking rent for Class B space: $18.61 per square foot

Information courtesy of Grubb & Ellis

For many years, the Kruse Way submarket was the prettiest girl at Portland’s real-estate dance. With 2.3 million square feet of Class A office space built from 1981 to 2009, quick access to Interstate 5 and proximity to executive housing in Lake Oswego, the office campus appealed to a number of companies.

But these days, many suitors are abandoning Kruse Way in favor of more attractive prospects.

According to Patricia Raicht, vice president at Grubb & Ellis, Kruse Way’s vacancy rate for the fourth quarter of 2009 was 21.1 percent, one of the highest in the Portland-metro area. And when numbers for the first quarter of 2010 are released later this month, she doesn’t expect them to be much different.

“Kruse Way had been our bulletproof submarket for many years,” Raicht said. “But the financial services, mortgage and other firms that clustered there were hit hard by this slowdown, and they closed, consolidated or reduced their space.”

Other firms are leaving, too. Northwest Evaluation Association, presently in Kruse Woods Tower, recently signed a lease to move into the former Port of Portland building at 121 N.W. Everett St. in Old Town. Last year, SAIF Corp. traded 21,000 square feet of space at Kruse Way for space in the Crown Plaza Building in downtown Portland.

Downtown Portland has become an appealing option for businesses that need less than 10,000 square feet because of low rates being offered for Class A space.

“There has been some flight from the suburbs to downtown,” said Bob Stutte, president of Norris & Stevens Inc. “In the past, we’ve seen the reverse.”

The city of Lake Oswego cited in a recent economic development strategy report that Kruse Way’s increasing office vacancy rates are a problem.

“The vacancies on Kruse Way have affected the city in terms of employment and spending in our retail areas,” said Jane Blackstone, economic development manager for the city of Lake Oswego. “We’re doing whatever we can by way of marketing and working with prospective tenants to fill that space.”

No new office construction has occurred along Kruse Way since developer Shorenstein Properties opened Kruse Oaks III in spring 2009. Mike Salsgiver, executive director of the Oregon-Columbia chapter of Associated General Contractors, said the amount of vacant space in areas like Kruse Way is a sign that the situation may worsen.

“We have another real-estate bubble coming because of the continued vacancies we’re seeing in new office space,” Salsgiver said. “Oregon may have overbuilt.”

Brian Owendoff, managing director at CB Richard Ellis, disagreed. The vacancies at Kruse Way and other office clusters are not because of excessive supply, he said, but rather inadequate demand because of high unemployment rates.

“The greater Portland area has lost 37,200 jobs,” Owendoff said. “Even though Kruse Way has historically high vacancies today, banks aren’t lending. That means no new construction. Eventually, the space will be absorbed.”

According to Gordon King, vice president at Colliers International, two waves of vacancy have already hit Kruse Way. The first came in 2006, when the mortgage meltdown led to the vacancy rate rising from 3.7 percent in the second quarter to 10 percent by the end of the year. Then, the overall economic collapse contributed to the vacancy rate rising from 15 percent to 23 percent in the fourth quarter of 2008. Now, King said, companies’ relocations to downtown Portland will likely trigger a third wave.

“Suddenly, businesses are looking at just the cost of a space,” King said. “Businesses today don’t consider location as highly and are willing to trade that for lower-priced space. These buildings are well designed and maintained, but price sensitivity is driving things.”

King said the area has recovered before. During the mid-1980s, the collapse of the lumber industry contributed to Kruse Way vacancy rates reaching 22 percent. Eventually, financial firms moved in.

“It took seven years after the decline in the ’80s to get back into a landlord-oriented market,” King said. “It might be four to seven years until Kruse Way is back at a 10-percent vacancy rate. Commercial real-estate cycles are very long.”

If Multnomah County, which charges a 1.45-percent business income tax, increases the tax to make up for major budget shortfalls, Owendoff said we could see companies in downtown Portland relocating to places like Kruse Way. Clackamas County, where Kruse Way is located, does not have a business tax.

“The window of opportunity to get Class A office space downtown at a Class B price is closing,” Owendoff said. “I’m hearing from businesses downtown that if taxes in Portland go up, they will leave. From where I sit, that vacancy rate will get whittled down to below 10 percent in five years.”

But until taxes increase, or the job market improves, Kruse Way landlords will continue to offer lower rental rates, tenant-improvement allowances and other perks, Raicht said. That may explain why real-estate professionals still believe Kruse Way can bounce back.

“If you have faith in Portland, you have to have faith in Kruse Way,” Stutte said.

The post Kruse Way no longer belle of the ball appeared first on Daily Journal of Commerce.