April 16, 2019
Los Angeles-based Vista Investment Group acquired Hollywood Station, a 69,112-square-foot mixed use building in Portland’s Hollywood District for $22 million.
The 95%-leased property at 4224 NE Halsey St. is anchored by a 50,000-square-foot 24 Hour Fitness Super Sport Gym, which recently extended its lease by 10 years. The building also includes 17,000 square feet of office space, as well as 2,000 square feet of street-level retail.
Vista’s Jonathan Barach says, “Greater Portland remains a key target market for us. It represents a relative value compared to more mature markets like Seattle and the San Francisco Bay Area, while demonstrating similar strong market fundamentals and demographics.”
It is Vista’s fourth significant investment in Portland in the last 18 months. Investment activity totals more than $100 million and 500,000 square feet since entering the market in 2017.
The unnamed seller was represented by MAJ Commercial’s Blake Federinko, Brandi Ho and Michael Jenkins. Vista was self-represented.
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