|
|
8/09/24
|
In a notable sale in Portland’s Pearl District, Menlo Equities purchased Block 1 of the Brewery Blocks, a boutique, mixed-use asset located at 1225 West Burnside St totaling 134.1k sf of space. The property, which consists of ground floor retail anchored by Whole Foods Market with a mix of data center, office and private utility tenancy above, sold for $21 mil ($157/sf).
Situated on five blocks that used to be the premises of the Blitz-Weinhard Brewery, the Brewery Blocks have transformed into a lively neighborhood serving as the gateway to the Pearl District. Originally constructed in 1929 as a Chevrolet dealership, the property was redeveloped in 2002 to house a unique mix of commercial tenants, including shopping venues, restaurants and entertainment offerings.
Newmark Vice Chairmen Nick Kucha and Nick Bicardo, Senior Managing Director James Childress, Directors Jakob Nicholls and Kellen Kollmorgen and Associate Director Cheyne Bloch represented the seller, institutional investors advised by J.P. Morgan Asset Management. Menlo Equities was self-represented.
“Block 1 presented a generational opportunity to acquire a physically robust mixed-use asset in The Brewery Blocks, one of Portland’s most sought-after master-planned neighborhoods for both residents and companies alike,” added Nicholls. “This property offered new ownership unique flexibility in its future business plans with impressive physical, mechanical and electrical infrastructure, catering to a wide variety of tenants.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
