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2/13/19
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Portland based NBP Capital LLC has acquired the Sunshine Dairy building, which consists of a full city block, and two adjacent parcels in northeast Portland. The property was sold by Karamanos Holdings Inc in an $8.1 mil deal.
Built in 1940, the 44.4k sf Sunshine Dairy building and adjacent parcels make up 1.2 acres located at 801, 915 and 959 NE 21st Ave. The property was originally developed as a production facility for Sunshine Dairy and was vacated after the local dairy manufacturer and supplier ceased production operations in 2018.
The property is zoned for commercial mixed-use, allowing for both residential and commercial development. The new ownership intends to demolish the existing structure and vertically develop a new mixed-use project.
The property is ideally located along multiple transit lines in the Central Eastside, a rapidly developing neighborhood with a growing population of educated young professionals. The area features many of the city’s most popular bars and restaurants and is increasingly becoming an important jobs and employment center, having attracted several high-profile employers including Simple, Adidas, New Seasons and Autodesk.
Charles Safley, Josh McDonald, Joe Nydahl and Phil Oester of CBRE’s Capital Markets team represented the seller in the transaction.
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