Northmarq announces $6.3 million sale of Portland multi-tenant retail property
PORTLAND, Ore. (May 7, 2024) — Northmarq’s Pacific Northwest Commercial Investment Sales team of Kevin Adatto, Sean Tufts and Joe Dugoni has completed the $6.3 million sale of Morrison Place, a 15,411-sq.-ft. multi-tenant retail property located in Portland, Ore. The 100% occupied strip center was built in 1955 and refurbished in 2018 and features six tenants, primarily restaurant and food service, medical and specialty retail.
Northmarq represented the seller, a well-established Portland-based developer group, and sourced California-based Koss Financial Corp group.
“This was the last in a series of recent successful sales on behalf of a long-term client,” said Adatto. “We began helping the seller consolidate their holdings over a year ago, with this multi-tenant retail property being the final piece. We were excited to source a West Coast buyer looking to diversify holdings and expand into the Northwest.”
Located in the trendy, highly walkable Buckman neighborhood, Morrison Place boasts strong demographics, drawing from a wide trade area along Morrison Street. The property offers a balance of tenants, one being Nostrana, a critically acclaimed Italian restaurant, which occupies nearly a third of the building. Additionally, Morrison Place features on-site parking and mixed-use zoning, providing long-term flexibility in an area with high barriers to entry for undeveloped land as well as zoning permits for multifamily, townhomes and mixed-use.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
