{"id":1004190589,"date":"2017-09-15T07:03:45","date_gmt":"2017-09-15T15:03:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004190589"},"modified":"2022-12-09T00:53:31","modified_gmt":"2022-12-09T08:53:31","slug":"portland-historic-office-buildings-change-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/portland-historic-office-buildings-change-hands\/","title":{"rendered":"Portland Historic Office Buildings Change Hands"},"content":{"rendered":"

By Razvan Cimpean<\/p>\n

\"Blagen<\/a>

Blagen Block in Portland<\/p><\/div>\n

Swift Real Estate Partners sold the Blagen Block and the New Market Theater, two buildings in Portland, Ore.\u2019s Chinatown district, to NBP Capital. The new owners secured a $26.8 million acquisition loan.<\/p>\n

Victorian architecture<\/h2>\n

Blagen Block, located at 30 N.W. First St., is a historic four-story, 46,000-square-foot asset in Portland\u2019s central business district. Completed in 1888, the Victorian Italianate building is fully leased by Airbnb. New Market Theatre, a six-story property at 50 S.W. Second Ave., was constructed in phases, beginning in 1872 and 1875. The building, which once held a 1,200-seat theatre, is now home to Portland\u2019s Saturday Market.\u00a0Earlier this year, Swift leased nearly 10,000 square feet at New Market Theater to PIA Communications.\u00a0<\/p>\n

\"New<\/a>

New Market Theater in Portland<\/p><\/div>\n

Charles Safley and Trevor Kafoury with CBRE\u2019s Portland office represented the seller and the buyer in the transaction. Nick Santangelo of CBRE\u2019s Portland branch, Mike Walker and Brad Zampa of the company\u2019s San Francisco division arranged the acquisition financing.\u00a0This month, Swift has tapped CBRE to secure acquisition financing for 530 B, also known as the Union Bank Building<\/a>, in downtown San Diego.\u00a0<\/p>\n

\u201cWe utilized a cross collateralized bridge financing product to maximize Blagen Block\u2019s existing cash flow and help support New Market Theater\u2019s lease-up and stabilization strategy,\u201d<\/em> Santangelo said in a prepared statement. \u201cWe obtained floating-rate debt at 70 percent LTC, which will help to reposition the assets while maintaining maximum flexibility.\u201d<\/em><\/p>\n

Swift Real Estate Partners acquired the buildings in 2015 from Beardsley Building Development. The company modernized and upgraded the New Market Theater, a process that NBP Capital plans to continue.\u00a0<\/p>\n

Images courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

NBP Capital acquired the Blagen Block and the New Market Theater in Portland’s CBD. The two buildings are among the few remaining Victorian Italianate buildings in the city.<\/p>\n","protected":false},"author":753,"featured_media":1004507432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,21747,28440,15],"tags":[33035,32789,37578,37579,34208],"class_list":["post-1004190589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-office","category-portland","category-west","tag-airbnb-inc","tag-cbre","tag-nbp-capital","tag-nick-santangelo","tag-swift-real-estate-partners"],"acf":[],"yoast_head":"\nPortland Historic Office Buildings Change Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/portland-historic-office-buildings-change-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portland Historic Office Buildings Change Hands\" \/>\n<meta property=\"og:description\" content=\"NBP Capital acquired the Blagen Block and the New Market Theater in Portland's CBD. 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