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September 26, 2018
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Unique Portland Office Assets Trade in Recent $32 Mil Deal


NBP Capital LLC has acquired Blagen Block and New Market Theater, a two-building office portfolio in Portland’s Old Town/Chinatown district, in a recent $32.25 mil transaction. The purchase was financed with $26.78 mil in acquisition financing.

Blagen Block and New Market Theater represent two of the last remaining cast-iron Victorian Italianate buildings in Portland. Built in 1888, Blagen Block is a four-story creative office building that is fully leased to Airbnb. New Market Theater is a six-story office building constructed in 1872 and 1875 and is home to Portland’s long-standing Saturday Market.

The seller, Swift Real Estate Partners, acquired both buildings from Beardsley Building Development in 2015, seeing tremendous potential at each of these unique assets. Swift invested significant capital into modernizing and upgrading New Market Theater, commencing a process that NBP Capital plans to build upon. Earlier this year, Swift leased nearly 10k sf at New Market Theater to San Diego-based PIA Communications, who were drawn to the building’s creative appeal and location.

CBRE’s Charles Safley and Trevor Kafoury of represented both the buyer and the seller in the sale. Nick Santangelo, Mike Walker and Brad Zampa, also with CBRE, arranged the financing.

“We utilized a cross collateralized bridge financing product to maximize Blagen Block’s existing cash flow and help support New Market Theater’s lease up and stabilization strategy,” said Santangelo. “We obtained floating rate debt at 70% LTC, which will help to reposition the assets while maintaining maximum flexibility.”

NBP Capital is a privately held commercial real estate fund with a focus on value-add, opportunistic investing on the West Coast. In Portland, NBP Capital has been successful with transformation of the George Lawrence, Stevens and RJ Templeton Buildings into best-in-class creative work environments for all types of office users from attorneys to software companies.

“At NBP Capital, we see tremendous long-term value in Portland’s Old Town/Chinatown. We are committed to expanding our creative office portfolio and this acquisition is one piece in this strategy,” said Lauren Noecker Robert, Managing Director, NBP Capital, LLC.

Development has been on the rise in Old Town/Chinatown, with several exciting new office, hotel and mixed-use projects in the pipeline. Several tech companies have moved their offices to the neighborhood in recent years in search of buildings with history and creative character. Notable new projects include Pine Street Market, an innovative food hall concept that has proven to be a major tourist draw, as well as 38 Davis, the first new construction in Old Town/Chinatown in the past ten years.

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