March 22, 2019
The office and retail components of the five-story Heartline Condominium in Portland, OR’s Pearl District have traded hands. The newly-constructed boutique 72,130-square-foot building is part of a master-planned mixed-use residential and commercial development spanning an entire city block.
The buyer was Boston-based Intercontinental Real Estate Corporation, which cut the deal on behalf of its managed fund, U.S. Real Estate Investment Fund, LLC. The seller was Seattle-based Security Properties Development Company.
The property at 1241 Northwest Johnson St. includes 61,659 square feet of office space and 10,471 square feet of retail space. The office portion of the property is 100% net-leased to Vacasa, which manages vacation homes in global destinations. Ground-floor retail tenants include Kure Juice Bar, Little Bean, and QuickFish Poke Bar.
This brick-clad wood structure echoes the district’s historic warehouses, while featuring exposed wood beams inside, operable windows, and modern innovations of a new office building.
NKF’s Nick Kucha, James Childress and Bill DeLacy represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser