60,000 SF INDUSTRIAL PROPERTY AT 611 NORTH TILLAMOOK SOLD!

This was a tough one! This 60,000 sf close in older industrial project was a challenge from day one. The largest tenant in the building had moved out leaving a big hole, the ownership was not excited in investing considerable dollars to re-lease the space and address significant maintenance issues and wanted to “move on”. In addition, the property had several other tenants with expiring leases, underlying financing that was “getting nervous” as well as being a property that basically was four 50 year old buildings cobbled together with a multitude of chopped up spaces. Accomplishing a sale on this type of property would have been difficult even in a robust real estate market let alone our challenged current environment. But this property had several characteristics that Cascade Commercial was able to capitalize on and promote in order to get this unique deal sold after almost 6 months of negotiation and problem solving. With decent existing cash flow, over 50 spaces of valuable parking, an excellent and accessible close in location; older but flexible and interesting spaces attractive to Portland’s burgeoning creative businesses, a motivated seller and in the end a cooperative bank in The Bank of the Cascades, the deal got done.

“Todd went above and beyond the call of duty to keep this deal on track through numerous delays and challenges. He kept plugging away and never was negative about not getting to the finish line when the project stalled or another problem arose. He would not let the deal not happen”. Kyle Bertelsen, of Alliance Development , the buyer of the property. He hopes to spend considerable time and resources in getting the building fixed up and re-leased and cash flow increased and stabilized with the possibility of splitting the individual buildings into separate tax lots for potential sale down the road.