{"id":1004246933,"date":"2018-08-03T06:17:24","date_gmt":"2018-08-03T14:17:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004246933"},"modified":"2022-12-09T02:41:34","modified_gmt":"2022-12-09T10:41:34","slug":"skb-whirep-acquire-25m-portland-mixed-use-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/skb-whirep-acquire-25m-portland-mixed-use-property\/","title":{"rendered":"SKB, WHIREP Acquire $25M Portland Mixed-Use Property"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004246948\" style=\"width: 360px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Water-Tower-Complex.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004246948\" data-attachment-id=\"1004246948\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/skb-whirep-acquire-25m-portland-mixed-use-property\/g7a9800rgb-f4-compressed\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Water-Tower-Complex.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;SKB&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;The Water Tower building in Portland&#039;s John&#039;s Landing. (PRNewsfoto\/SKB)&quot;,&quot;created_timestamp&quot;:&quot;1533081600&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;G7A9800RGB-F4-Compressed&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"G7A9800RGB-F4-Compressed\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Water Tower Complex&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Water-Tower-Complex.jpg?w=800\" class=\"wp-image-1004246948 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Water-Tower-Complex.jpg\" alt=\"\" width=\"350\" height=\"272\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Water-Tower-Complex.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Water-Tower-Complex.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Water-Tower-Complex.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 350px) 100vw, 350px\" \/><\/a><p id=\"caption-attachment-1004246948\" class=\"wp-caption-text\">The Water Tower Complex<\/p><\/div>\n<p>In a joint venture with WHI Real Estate Partners, ScanlanKemperBard Cos. has acquired the Water Tower Complex in Portland&#8217;s neighborhood of John&#8217;s Landing, for $24.8 million. The new owners intend to implement an extensive capital improvements plan to elevate the property to a Class A mixed-use office and retail destination. This purchase marks the partners&#8217; second investment in this neighborhood, following the acquisition of Riverside Center and 5550 Macadam in January 2017.&nbsp;<\/p>\n<p>The property comprises two buildings totaling 123,188 square feet. Constructed in 1903 as a furniture warehouse, the asset was redeveloped in the 1970s by John Grey into a retail marketplace. In 2008, a Melvin Mark partnership purchased the complex and made it home to a mix of office and retail tenants. Currently 93 percent leased, the Water Tower kept its historic architectural features, such as the reinforced concrete, exposed timer beams and fir floors. The Bailey Building was also included in the sale and offers redevelopment potential, with its flexible zoning in the surrounding land.&nbsp;<\/p>\n<p><em>&#8220;We are grateful to Melvin Mark for the opportunity to acquire this asset as we are firm believers in the John&#8217;s Landing submarket. The water views, neighborhood amenities and historical architectural features provide a unique urban experience at a price point and parking ratio typically found in the suburbs,&#8221;<\/em> said Todd Gooding, president of SKB, in a prepared statement.&nbsp;<\/p>\n<p>In May, a joint venture between WHI and EverWest Real Estate Investors <a href=\"https:\/\/www.commercialsearch.com\/news\/jv-secures-financing-for-creative-office-conversion-in-austin\/\">secured $19.9 million in financing<\/a> to convert a warehouse property in Austin into creative office space.&nbsp;<\/p>\n<p><em>Image courtesy of&nbsp;ScanlanKemperBard Cos.&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Water Tower Complex comprises two buildings totaling 123,188 square feet. A former furniture warehouse, the property was redeveloped in the 1970s into a retail marketplace.<\/p>\n","protected":false},"author":746,"featured_media":1004246948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21752,21742,28440,15],"tags":[35381,37354],"class_list":["post-1004246933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-mixed-use","category-latest","category-portland","category-west","tag-scanlankemperbard","tag-whi-real-estate-partners-lp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SKB, WHIREP Acquire $25M Portland Mixed-Use Property - 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\/skb-whirep-acquire-25m-portland-mixed-use-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SKB, WHIREP Acquire $25M Portland Mixed-Use Property\" \/>\n<meta property=\"og:description\" content=\"The Water Tower Complex comprises two buildings totaling 123,188 square feet. 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