PORTLAND, OR – August 14, 2017 – CBRE’s Portland Capital Markets team has arranged the sale and financing of the Concord Building, a 27,504-square-foot office building located in the heart of Portland’s Central Business District (CBD) and Technology Triangle.
Built in 1891 and renovated in 1981 and 2016, the historic Concord building includes six stories of creative office space and ground floor retail, anchored by Mother’s Bistro & Bar.
Charles Safley, CBRE’s Capital Markets, Portland office, represented the buyer, Citrine Advisors, in the acquisition. Paige Morgan, JLL’s Capital Markets, Portland office, represented the Seller, New Urban Properties. The property was sold for $5,300,000. Nick Santangelo, CBRE’s Capital Markets, Portland office, Debt & Structured Finance secured the acquisition financing, a competitive non-recourse bridge loan at 75% LTC with full term I/O.
“We are very excited to take ownership of the Concord Building as Citrine’s first acquisition in Portland,” said Jerry Smith, President and Co-founder of Citrine Advisors. “Both the building and its dynamic location are a perfect fit for our business model, which focuses on transforming vintage properties into high-quality environments in which to live, work and play.”
Located at 204-210 SW Stark Street at the base of the Morrison Bridge, the Concord Building offers tenants convenient access to a variety of transportation options as well as downtown Portland’s rich amenity base.
Portland continues to see significant investment in its downtown neighborhoods due to a growing base of tenants primarily representing the technology sector.
About Citrine Advisors, Inc.
Citrine Advisors is a boutique commercial real estate firm specializing in select urban markets on the West Coast. Our two principals have a combined 50+ years of brokering, developing, owning, and operating real estate across all major product types – apartments, office, retail, and industrial. For more information, please visit our website at www.citrineadvisors.com.
About New Urban Properties
New Urban Properties is a San Francisco based real estate firm focused on value-add office buildings in the $8 to $50 million range. The firm has a small but dedicated team run by two principals who concentrate their efforts in the Bay Area, Silicon Valley, Southern California and the Pacific Northwest. For more information, please visit www.newurbanprop.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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. Please visit our website at www.cbre.com.