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| 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.
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| 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.
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| 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.
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| 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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