Citrine Advisors Acquires Historic Portland Office Building
New Urban Properties sold a 27,500-square-foot property in Portland’s CBD. JLL negotiated the transaction on behalf of the seller, while CBRE represented the buyer and secured the acquisition financing.
By Razvan Cimpean
The Concord Building in Portland, Ore.
Citrine Advisors acquired the Concord Building—a 27,500-square-foot office building in the heart of Portland’s central business district—from New Urban Properties for $5.3 million.
Recent renovations
The Concord Building was completed in 1891 and underwent renovations in 1981 and 2016. Situated at 204-210 SW Stark St., the six-story property features creative office space and ground floor retail, anchored by Mother’s Bistro & Bar. The location offers easy access to bus stations, restaurants and hotels, including DC Vegetarian, Hi-Lo Hotel and The Nines. The office building sits fewer than two miles from Interstates 5 and 405.
Charles Safley of CBRE Capital Markets represented the buyer, while Paige Morgan of JLL’s Capital Markets Group negotiated the sale on behalf of the seller. Additionally, CBRE secured a non-recourse, acquisition bridge loan. Last month, Morgan was also involved in the sale of Interstate Crossroads Distribution Center, a recently completed warehouse and distribution center in Portland.
Image via Google Street View
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