August 3, 2018
ScanlanKemperBard Companies (SKB), in partnership with WHI Real Estate Partners, closed on the Water Tower Complex in Portland’s John’s Landing neighborhood. The 123,188-square-foot complex, which is comprised of two buildings, is 93% leased and was purchased from Melvin Mark Companies for $24.8 million.
The Water Tower was originally built in 1903 as a furniture warehouse, and redeveloped by John Grey in the 1970’s as a retail marketplace. In 2008, the profile of the property at 5331 SW Macadam Ave. was elevated with a mix of both office and retail tenants. Constructed of reinforced concrete, the building still maintains many historic architectural features, including original fir floors and exposed timber beams.
The Bailey Building was also included in the sale, and provides significant redevelopment potential along with the surrounding land due to its flexible zoning and desirable location.
For comments, questions or concerns, please contact Dennis Kaiser