October 2, 2018
Los Angeles-based American Realty Advisors, along with Seattle-based JV partner Unico Properties LLC, reportedly acquired Moda Tower, a 24-story tower in Portland, OR, from UBS Global Asset Management for a price in the neighborhood of $180 million. The 398,412-square-foot property is located at 601 SW 2nd Ave. and was completed in 1999.
The Class A property is centrally located in Portland’s CBD and features panoramic views, high-quality finishes, an on-site Nordstrom Rack, and five levels of parking. The tower’s design creates six corner offices per floor. Tenants include insurer Moda Health and law firm Lane Powell.
American Realty Advisors’ Albert Pura says, “At 90% occupancy, the asset has immediate stabilized cash flow with opportunities to increase NOI through leasing remaining vacant space, as well as taking advantage of ancillary revenue opportunities within the five levels of parking.”
Eastdil Secured’s Jason Flynn represented the seller.
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