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1/05/18
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An 88.1k sf, three-building office portfolio in Portland was traded by Swift Real Estate Partners to NBP Capital LLC in a $19 mil sale. The purchase was financed with a $17.55 mil acquisition bridge loan utilizing 70% LTC floating rate debt.
The portfolio consists of: the Merchant Hotel, four-story, 56.7k sf creative office building originally built in 1888 and most recently renovated in 2017, and located at 222 NW Davis Street; Captain Couch, a two-story, 17.7k sf creative office building originally built in 1912 and located at 24-32 NW 2nd Ave; and Norton House, two-story, 13.6k sf creative office building originally built in 1875 and located at 31-53 NW 1st Ave.
During ownership, Swift completed extensive capital improvements to the properties. The Merchant Hotel received the largest lift with a multi-million-dollar seismic upgrade and the addition of tenant amenity spaces, including a tenant lounge, conference center and bike storage room. Swift also completed cosmetic upgrades to the interior common areas at the Norton House and Captain Couch buildings. These projects enhanced the overall profiles of each building while preserving their unique historical features.
The three-building sale represents the second phase of Swift’s Old Town disposition, commencing originally with the New Market Theater and Blagen Block sales in September, which NBP purchased for $32.2 mil. The addition of these three buildings gives NBP Capital a five-building office portfolio within Old Town totaling 214k sf of space. The total purchase price across the five-building portfolio was $51.25 mil.
CBRE’s Charles Safley and Trevor Kafoury represented both parties in the sale. Nick Santangelo, Brad Zampa, Michael Walker and Megan Woodring, also with CBRE, secured the financing for the deal.
“Investors & developers have officially taken an interest in Old Town,” said Safley. “As you look at Old Town today there is a flurry of new capital investing in the future of this district. Everywhere you turn there is planned development, new construction, renovation projects, and institutional investment coming in.”
NBP Capital will pick up where Swift Real Estate Partners left off and continue to transform these unique historic office buildings into best-in-class creative office environments for tenants seeking high character space.
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