Home Commercial 107,000 SQFT Portland Office Building Scheduled to be Sold at Upcoming Foreclosure...

107,000 SQFT Portland Office Building Scheduled to be Sold at Upcoming Foreclosure Sale

Portland, J.K. Gill Building, Urban Renaissance Group, Gaw Capital USA, Multnomah County, Gladys McCoy Building, First Interstate Bank, Weston Investment Co, BPM Real Estate Group

By The Registry Staff

A Portland office building is slated to be sold at an upcoming foreclosure auction. The J.K. Gill Building, currently owned by Urban Renaissance Group and Gaw Capital USA, was placed into receivership earlier this year and will now be put up for auction at 11 a.m on Nov. 13 on the steps of the Multnomah County Courthouse, according to a report from the Portland Business Journal.

Located at 426 SW Harvey Milk St., the building totals approximately 107,600 square feet, according to a previous listing on LoopNet. The asset’s typical floor space size is 10,000 square feet, and it features amenities such as a fitness center, bicycle storage and shower facilities. The structure was built in 1923 and renovated in 2020.

Back in 2018, the property was known as the Gladys McCoy Building when it was sold by Multnomah County to developer URG and Gaw Capital for a sum of $9.85 million, or approximately $91 per square foot. In 2019, URG secured a $27 million loan from First Interstate Bank, which was slated to mature in December 2022, according to the report. In March 2023, however, the J.K. Gill Building was put into receivership. The bank filed a notice of default with the county, declaring that approximately $22 million in remaining debt was due.

As Portland wrestles with an unsteady office market, the city has seen other commercial buildings trade hands recently in the downtown area.

In one recent deal, an asset was purchased for $41.7 million, though that price includes an assumable CMBS loan balance, according to previous reporting from The Registry. Multnomah County property records show a $13.7 million sales price. County records also have the buyer as Weston Investment Co. and the seller as an entity affiliated with BPM Real Estate Group. Located at 2100 SW River Parkway, the building totals approximately 192,541 square feet.