June 30, 2017
Bixby Land Company acquired the Marquam Building in downtown Portland, OR for $10.8 million, capping a three-building, 260,000-square-foot assemblage as the developer prepares to redesign the project into a contemporary office campus. The purchase follows Bixby’s $33.4-million purchase of the adjacent CDK Plaza in December 2016.
The project represents Bixby’s first foray into the Rose City market, where the company views strong upside value potential given attractive real estate prices relative to California, where Bixby has redesigned more than 30 buildings since 2010.
Bixby was further attracted to the 75,000-square-foot, five-story office building at 2501 Southwest 1st Ave. due to its 66% occupancy at rents 50% below market.
Colliers International’s Chris Johnson represented Bixby in the transaction, while the seller, OCF Joseph E. Weston Public Foundation, was self-represented.
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