January 19, 2017
American Realty Advisors and joint venture partner Unico Properties LLC acquired Portland, OR’s Congress Center, a 23-story, 385-square-foot office tower at 1001 S.W. Fifth Ave. There was no sales price disclosed with the off-market deal with Shorenstein Properties LLC, but local sources indicated the price was $85 million.
Nick Kucha and Michael Leggett at HHF represented the seller. HFF’s Tom Wilson and Eric Christensen helped the buyers secure a floating-rate acquisition loan through RBC Capital Markets.
The building delivered in 1980, and the new owners plan to upgrade the lobby, fitness center and bike parking. “It presents an opportunity to make strategic leasing and capital investment in building improvements to elevate the asset’s competitive position and raise occupancy to generate strong long-term cash flow,” said ARA’s Drew Hess.
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