Today we talk with Tim Mitchell, President of Norris & Stevens, the largest privately held full-service commercial real estate firm in the Portland market, about the Portland market and the booming multi-family investment sales market in Oregon.
The multi-family investment sales market is booming in Oregon, and especially in Portland where Norris & Stevens/TCN Worldwide, the largest privately held full-service commercial real estate firm in the Portland market, has been in business since 1966. Tim Mitchell, President of Norris & Stevens, discusses some of the benefits of TCN Worldwide membership, where they've been a member for 30 years; the state of downtown Portland after a turbulent 2020 and where it is heading moving forward; the various asset classes; statewide rent control; cap rates; bullish submarkets and much more...
Key Discussion Points
[00:17] Welcome and introduction by Eric Odum
[00:30] About our guest, Tim Mitchell
[01:02] How did you get started in real estate?
[03:47] How does TCN fit in with your business at Norris and Stevens?
[05:48] How was 2020 for you, and how do you see Portland emerging from COVID pandemic in 2021-2022?
[09:52] Give us an overview of what you're seeing in office, industrial, and retail sectors right now
[13:26] You had a great 2020, so tell us about the mutlifamily deals you had in 2020
[14:46] Tell us about the rent controls and how you see that shaking out in the market place moving forward
[17:20] How are you finding deals given that It's not making a lot of sense to do the middle market, working class apartment buildings
[18:59] Are you seeing further compression of cap rates like is happening in the rest of the country?
[20:58] Within the markets you service, which submarkets are you most bullish about right now?
[22:45] What excites you in your market area?
[25:41] How can folks find out more about Norris and Stevens?
President, Norris & Stevens/TCN Worldwide
Tim’s primary responsibility at Norris & Stevens, Inc. is managing the brokerage groups. He also specializes in acquisition, disposition, and development consulting, as well as Landlord/Owner and Tenant/Buyer representation of all product types in multiple western states.
As President of Norris & Stevens, Inc., Tim leads the firm’s commercial sales, leasing, and marketing activities, as well as being a lead member of the Executive Committee. Tim has spent the majority of his professional career in commercial real estate, with over 33 years of industry success. Norris & Stevens’ brokerage revenues have increased substantially since he joined the firm, more than doubling in annual value since 2010.
Prior to becoming President, he spent five years as the company’s Senior Vice President and Director of Sales & Leasing. Prior to joining Norris & Stevens, Tim was at Harsch Investment Properties, LLC in the position of Senior Vice President of Acquisitions overseeing Harsch’s acquisition and disposition operations on the west coast. During Tim’s 10 year tenure, he completed over 150 acquisition and disposition transactions totaling nearly $2 Billion encompassing all investment product types including office, retail, industrial, R&D, multi-family, hotels and development land.
Tim is a 1986 graduate of the University of Utah where he also played quarterback for the football team.
Tim can be reached at 503-223-3171 or via email at firstname.lastname@example.org.