Investors Snap Up Downtown Portland Office Building For $68M
A JV between SteelWave and Barings Real Estate Advisers, acting on behalf of an institutional investor, acquired the 208K SF 400 Sixth Ave. in Downtown Portland for $68M. The seller was Felton Properties.
On a half city block, the 11-story property features 10-foot window lines and is on the transit mall, which allows direct access to bus and light rail. It has subterranean parking, bike storage and a fitness center.
NKF Capital Markets Vice Chairman Nick Kucha and Director James Childress, who recently joined as part of the Pacific Northwest Capital Markets, represented the seller. The buyer was self-represented.
“This property sale is testimony to a market that's continuing to show strength," Childress said. "Institutional real estate capital views the fundamentals of Portland with optimism and wants to be here.
"We expect to see continued upward pricing momentum as outside groups look to Portland’s office market, as tenants and as buyers.”