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October 23, 2018
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American Realty Advisors and Unico Properties LLC Buy Portland Office Building

10/04/18

A joint venture between American Realty Advisors and Unico Properties LLC has acquired MODA Tower, a 398.4k sf office tower in downtown Portland, OR. The price was not disclosed.

The Class A property, centrally located at 601 SW 2nd Ave, within Portland’s thriving central business district, boasts panoramic views of Mt. Hood and Willamette River, high-quality finishes, an on-site Nordstrom Rack, and five levels of parking. MODA Tower provides direct access to the MAX light rail transit system and features an unmatched amenity package including an on-site daycare facility, gourmet coffee and food service, bike storage and exterior terraces. The tower’s design creates six corner offices per floor.

MODA Tower was 90% occupied at the time of sale. It has strong historical occupancy with original tenants MODA Health and Lane Powell occupying the property since its initial development. The buyer plans to to increase NOI through leasing remaining vacant space, as well as taking advantage of ancillary revenue opportunities within the five levels of parking.

Jason Flynn at Eastdil Secured represented the seller.




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