Mr. Paul R. Pierce and Ms. Joanne Fuller recently completed the sale of an approximately 19,667 square foot industrial office building at 1700 SE 11th Avenue in Portland, Oregon. The sale price at closing was $5,348,000.
The property consists of a half city block which contains a 19,667 square foot two-story building and 10,000 square foot surface parking lot providing 30 spaces. At the time of sale, the property was 100% occupied by three tenants. The anchor tenant, Cinco Design, is a Portland-based creative agency and design firm. Sierra Construction, a general contractor and management company based in Woodinville, Washington, is the second major tenant. As a condition of the sale, the Seller leased-back the remainder of the property as the third tenant.
Raymond Duchek and Thomas McDowell with Portland-based Norris & Stevens, Inc. represented the Seller, Mr. Pierce and Ms. Fuller, and a confidential Buyer in the transaction.
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 6.6 million square feet of commercial space and 8,400 apartment units.