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5/08/15
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Run Our Dream LLC has purchased a 68.6k sf building in Portland, OR. The acquisition was financed with a $9.45 mil bridge loan that was originated by Buchanan Street Partners.
Run Our Dream required the loan to undertake project designs and to secure approvals to convert the building into creative office space. The planned renovation will result in dramatic two-story work spaces with floor-to-ceiling windows.
The borrower has preleased the property to Under Armour Inc for 15 years. Under Armour plans to relocate from its Pearl District space in 2016 once the project is complete. Seattle-based InterUrban Development Advisors will develop the property.
The property, located at 2815 South West Barbur Blvd, was formerly a YMCA fitness facility that was built in 1977. The building is on a 1.71-acre plot of land with a 100-space enclosed parking garage. It is positioned near the I-5 and I-405 interchange and Ross Island Bridge, and is less than a mile from the new Lincoln Street-3rd Avenue light rail station.
Mark Reese, vice president of Buchanan Street Partners, led the transaction, which closed in 10 business days. “The project is a major initiative for Run Our Dream. The planned renovations will benefit the neighborhood and provide Under Armour room to grow in Portland. We are proud to be a part of this opportunity.”
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