Saturday, January 14, 2017

American Realty Advisors Acquires CBD Office Tower in Portland, OR

  
Congress Center, Central Business District, Portland, OR
  
Portland, OR – American Realty Advisors (“ARA”), a leading real estate investment management firm, along with its joint-venture partner, Unico Properties LLC, a real estate investment and operating company, has acquired Congress Center, a 23-story high-rise office tower in Portland.

Erica Christensen
The property is strategically located along the primary mass-transit corridor in the heart of Portland’s central business district. 


“The location and the bones of the building make this an attractive value-add investment opportunity in a key urban market,” says Drew Hess, Senior Director, Investment Group, at American Realty Advisors.

“It presents an opportunity to make strategic leasing and capital investment in building improvements to elevate the asset’s competitive position and raise occupancy to generate strong long-term cash flow.”

The property is located at 1001 SW 5th Avenue in Portland, Oregon. The seller was represented by Nick Kucha and Michael Leggett at HFF. Tom Wilson and Erica Christensen at HFF assisted ARA and Unico in securing a floating-rate acquisition loan through RBC Capital Markets.

ARA expects strong leasing interest based on Portland’s strength as a knowledge market.

Nicholas Kucha
“Portland is emerging as one of the fastest-growing markets in the country,” Hess explains.  “The area’s economic and lifestyle profile rivals more expensive tech-oriented markets such as the Bay Area and Seattle.”

Portland’s high quality of life and educated workforce has been touted nationally.  U.S. News & World Report named the city among the Top 20 Places to Live in 2016 and employers across the country are migrating to the region.

“Downtown Portland offers the urban lifestyle that today’s office workers are seeking.  This location boasts a walkability score of 99, a transit score of 96, and a bike score of 94,” says Hess.  

“Overall, this is a functional office tower situated in a coveted business district within an economically diverse market that is positioned for long-term growth. These are precisely the fundamentals we look for in assets that we acquire.”

Built in 1980, Congress Center has high-quality features but is in need of key cosmetic upgrades, according to Brian Pearce, Senior Vice President of Real Estate Services of Unico Properties.

“In collaboration with ARA, we’re excited about the opportunity to integrate a series of capital improvements to transform this well-located asset into a modern property that will meet the needs of today’s tenants,” says Pearce, who notes that Unico has deep experience in executing value-add repositioning strategies.

Drew Hess
“We look forward to repositioning this building to attract office tenants, as we have elsewhere, and are pleased to expand our footprint in the Portland market,” Pearce notes.

ARA and Unico plan to upgrade the lobby, fitness center, and bike parking, and add amenities such as an outdoor deck to encourage creativity and collaboration among tenants.

Located two blocks from Pioneer Square, Portland’s main retail district, Congress Center is surrounded by a diverse variety of amenities including restaurants, hotels, and entertainment venues. The property is also easily accessible via light rail, bus, and bike stations. Portland’s BIKETOWN bike share system recently installed a hub on the same street as Congress Center.

For a complete copy of the company’s news release, please contact:

Lexi Astfalk
Senior Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940


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