Three Chinatown buildings change ownership
Three office buildings in Old Town Chinatown have changed hands for a $19 million sale price.
The deal between seller Swift Real Estate Partners to NBP Capital, LLC was struck by CBRE, and included a $17,545,000 acquisition bridge financing using a 70 percent LTC floating rate debt.
The deal includes the four-story Merchant Hotel, 222 N.W. Davis St., an 1888 building renovated in 2017 with 56,731 square feet of creative office space; the two-story Captain Couch at 24-32 N.W. Second Ave., a 1912 building with 17,742 square feet of creative office space; and the 1875 Norton House at 31-53 N.W. First Ave., a two-story creative office building totaling 13,626 square feet.
Charles Safley and Trevor Kafoury of CBRE's Portland office represented both the seller, Swift Real Estate Partners, and buyer, NBP Capital, LLC, while Nick Santangelo of CBRE's Portland office, Brad Zampa, Michael Walker and Megan Woodring of CBRE's San Francisco office secured the financing.
"Investors and developers have officially taken an interest in Old Town," said Charles Safley, vice president with CBRE. "As you look at Old Town today there is a flurry of new capital investing in the future of this district. Everywhere you turn there is planned development, new construction, renovation projects and institutional investment coming in."
The three-building sale represents the second phase of Swift's Old Town disposition, which originally began with the New Market Theater and Blagen Block sales in September, purchased also by NBP for $32.2 million.
Now, NBP owns five offices in Old Town Chinatown, totaling 214,041 square feet and a $51,250,000 purchase price.
NBP Capital LLC is a privately-held commercial real estate fund that invests on the West Coast, repositioning buildings into updated creative work space for creatives and techies. In Portland, NBP Capital has been successful with transforming the George Lawrence, Stevens and RJ Templeton Buildings into best-in-class creative work environments for all types of office users from attorneys to software companies.
When Swift owned the properties, it gave the Merchant Hotel a seismic upgrade worth millions and added tenant amenity spaces. The Norton House and Captain Couch buildings received cosmetic upgrades to interior common areas, and the historical features were preserved.
San Fancisco-headquartered Swift acquires and repositions office and industrial assets on the West Coast. Since being founded in 2010, Swift has purchased more than $1.9 billion and 8.4 million square feet of real estate.
NBP Capital will pick up where Swift Real Estate Partners left off in Chinatown, transforming historic office buildings into modern creative office spaces.
By Jules Rogers
Reporter, The Business Tribune
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