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Vista Investment Group recently acquired Hollywood Station in Portland for $22M. With this purchase, Los Angeles-based Vista’s total investment in Portland is now $100M over the last 18 months.
Hollywood Station, in Portland’s Hollywood District, is a 69,112 SF mixed-use building anchored by a 50K SF 24 Hour Fitness Super Sport Gym that recently extended its lease for another 10 years. The property, next to Interstate 84 and a TriMet MAX Light Rail station, includes a four-story parking structure with 220 stalls. The building also includes 17K SF of office space and 2K SF of street-level retail. The property was 95% leased at closing.
“Greater Portland remains a key target market for us,” Vista President Jonathan Barach said in a statement. “It represents a relative value compared to more mature markets like Seattle and the San Francisco Bay Area, while demonstrating similar strong market fundamentals and demographics.”
Vista owns 500K SF of commercial real estate in the greater Portland market, including Nimbus Oaks, a flex/business park in Beaverton, Customs House in Portland and the Cornell West office building in Beaverton.
Vista Investment Group represented itself. Blake Federinko, Brandi Ho and Michael Jenkins from MAJ Commercial represented the seller.
Vista focuses on urban infill markets in California and the Pacific Northwest. Since its founding in 2008, it has acquired 1,800 multifamily units and 1.8M SF of office space.
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