CBRE has announced the sale of the Bend Bulletin building in Bend, Oregon for $13.15 million. The property, which was marketed as part of Western Communications’ bankruptcy proceedings, was purchased by Chandler Center, LLC.
Paige Morgan and Charles Safley with CBRE’s Portland office partnered with Gardner Williams and Graham Dent with Compass Commercial in Bend to represent the seller, while Dan Kemp with Compass Commercial represented the buyer.
“The Bend Bulletin building offered a unique opportunity to control a large block of quality office and industrial space in a low vacancy, land constrained market with limited supply,” said CBRE’s Paige Morgan. “In addition to the existing building, the sale included more than nine acres of land that’s zoned for mixed-use development.”
The Bend Bulletin building totals 86,445 square feet of office and industrial space on 9.78 acres. It was built in 2000 by Western Communications to house the staff and printing press for the Bend Bulletin newspaper. EO Media Group, who acquired the Bend Bulletin earlier this year, will lease a portion of the building.
“This property is located on the highly-desirable west side of Bend near many of our city’s most sought-after amenities,” said Compass Commercial’s Gardner Williams. “As the new owner looks to further develop the property, it will be able to provide tenants a convenient location and a competitive advantage for recruiting employees.”
Bend was ranked as the “Best Performing Small City” in the nation by The Milken Institute in 2018, which is the third consecutive year the metro has taken that honor. The organization cited unmatched 5-year job and wage growth, strong high-tech performance and substantial investment in its knowledge economy via the Oregon State University-Cascades Campus. The Bend metro boasts an unemployment rate of 3.6 percent and projected job growth of 55.7 percent, compared to a national average of 33.5 percent, over the next 10 years.
Dan Kemp and Adam Bledsoe from Compass Commercial Real Estate have been hired to re-tenant the building. Prospective tenants and their representatives can contact them at 541-383-2444. Additionally, a prospective open house is planned for this quarter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.