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8/16/17
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The Concord Building, a 27.5k sf office property located in the heart of Portland’s Central Business District (CBD) and Technology Triangle, recently traded in a $5.3 mil ($193/sf) transaction.
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. Located at 204-210 SW Stark St, 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.
Charles Safley with CBRE’s Capital Markets represented the buyer, Citrine Advisors, in the acquisition. Paige Morgan with JLL’s Capital Markets repped the seller, New Urban Properties. Nick Santangelo with CBRE’s Capital Markets Debt & Structured Finance secured the acquisition financing, a competitive non-recourse bridge loan at 75% LTC with full term I/O.
“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,” noted Jerry Smith, President and Co-founder of Citrine Advisors.
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