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Author: Lauren Evans

Home/Articles Posted by Lauren Evans
01_2021_Transactions

December 2020 Notable Commercial Transactions

by Lauren Evanson 14 January 2021in Transaction News

Compass Commercial Real Estate Services is pleased to announce notable commercial transactions closed by the firm during the month of December 2020.

Brokers Graham Dent and Robert Raimondi, CCIM of Compass Commercial Real Estate Services represented the seller, US Forest Service, in the sale of the 31.56-acre parcel of USDA Forest Service land located off of Highway 20 in Sisters. The large piece of land sold for $2,818,244.88.

Compass Commercial Real Estate Services brokers Howard Friedman, CCIM, Jay Lyons, SIOR, CCIM and Grant Schultz represented the seller in the sale of 1435 NE 4th Street in Bend. The 6,160 SF office building sold for $1,490,000.

Partner Graham Dent of Compass Commercial Real Estate Services represented the tenant, Prime Lending, in the lease of a 4,783 SF office suite located at 404 SW Columbia Street in Bend. Brokers Jay Lyons, SIOR, CCIM and Grant Schultz of Compass Commercial Real Estate Services represented the landlord, Vision Plaza, LLC.

Compass Commercial Real Estate Services broker Terry O’Neil, CCIM represented the landlord, D&S Hollywood, LLC, in the lease of a 3,616 SF office suite located at 1000 SW Indian Avenue in Redmond.

Brokers Russell Huntamer, CCIM, Jay Lyons, SIOR, CCIM and Grant Schultz of Compass Commercial Real Estate Services represented the landlord, JKC Bend, LLC, in the lease of a 1,168 SF retail suite located at 1462 NE Cushing Drive in Bend. Broker Joel Thomas, CCIM of Compass Commercial Real Estate Services represented the tenant, Three Sisters Nails, LLC.

Compass Commercial Asset & Property Management broker Luke Ross represented the landlord, Allan Bruckner, in the lease of a 2,978 SF office suite located at 19800 SW Village Office Court in Bend.

Brokers Jay Lyons, SIOR, CCIM and Grant Schultz of Compass Commercial Real Estate Services represented the tenant, Compassion Kombucha, LLC, in the lease of a 3,500 SF industrial unit located at 354 SE Logsden Street in Bend.

Compass Commercial Real Estate Services broker Robert Raimondi, CCIM represented both the landlord, Miller Cottages, LLC, and the tenant, Choices Recovery Services, LLC, in the lease of a 2,200 SF medical center located at 51375 S Huntington Road in La Pine.

Broker Terry O’Neil, CCIM of Compass Commercial Real Estate Services and broker Caroline McDonald, RPA® of Compass Commercial Asset & Property Management represented both the landlord, Rathbone LTD, and the tenant, TML International, LLC, in the lease of a 4,200 SF industrial space located at 1842 S 1st Street in Redmond.

Compass Commercial Real Estate Services broker Joel Thomas, CCIM represented the tenant, DOC – Diabetes and Obesity Care, in the lease of a 960 SF office suite located at 185 SW Shevlin Hixon Drive in Bend.

Broker Joel Thomas, CCIM of Compass Commercial Real Estate Services represented the landlord, Allan Bruckner, in the lease of a 3,458 SF retail suite at 1900 NE Division Street in Bend. Broker Luke Ross of Compass Commercial Asset & Property Management represented the tenant, Chaos Billiards Lounge.

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01_2021_CFM

Contract Furnishings Mart Opens New Bend Location

by Lauren Evanson 7 January 2021in Press Releases

In October of 2020, Big 350 purchased 350 NE Addison Avenue in Bend for $2,850,000. Compass Commercial broker Terry O’Neil, CCIM represented the buyers, who purchased the property from High Desert Ranch and Home. The 15,000 SF industrial property became a new location for their business, Contract Furnishings Mart (CFM). The family-run business has multiple store locations throughout the Pacific Northwest as well as a location in Chandler, Arizona.

“CFM has been actively seeking a Bend location for several years” said O’Neil. “We initially engaged in this sales transaction back in the fall of 2019. We were finally able to come to terms on the property in early 2020 and were well into our due diligence on the property when COVID-19 became a serious issue with an unknown future. After several months of assessing the overall impact to the market, CFM decided it was a ‘green light’ to open their Bend store.”

“We were fortunate to have Terry help us with this deal. He was a great advocate and ensured a timely transaction during some challenging times due to COVID,” CFM owners stated.

After the sale went through, O’Neil became their very first customer in Bend, purchasing new wood floors and tile for his own home remodel. CFM has been selling flooring, cabinetry and countertops since 1981.

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2020_November

November 2020 Notable Transactions

by Lauren Evanson 15 December 2020in Transaction News

Compass Commercial Real Estate Services is pleased to announce notable commercial transactions closed by the firm during the month of November 2020.

Brokers Howard Friedman, CCIM, Jay Lyons, SIOR, CCIM and Grant Schultz of Compass Commercial Real Estate Services represented the seller, Helena Family, LLC, in the sale of 777 NW Wall Street in Bend. The 19,215 SF office building sold for $4,300,000.

Compass Commercial Real Estate Services brokers Ron Ross, CCIM and Terry O’Neil, CCIM represented the buyer, Summer Skin, LLC, in the acquisition of 62929 N Highway 97 in Bend. Brokers Graham Dent, Jay Lyons, SIOR, CCIM and Grant Schultz of Compass Commercial Real Estate Services represented the seller, Moore Fun Investors, LLC. The 8,409 SF retail building was purchased for $1,700,000.

Compass Commercial Real Estate Services broker Howard Friedman, CCIM represented the tenant, Hale Men’s Clinic, LLC, in the lease of a 3,000 SF retail suite located at 40 SW Century Drive in Bend.

Brokers Graham Dent, Jay Lyons, SIOR, CCIM and Grant Schultz of Compass Commercial Real Estate Services represented both the landlord, Allegiant Partners, Inc, and the tenant, Seran Bio Science, Inc, in the lease of a 3,860 SF industrial suite located at 63056 Lower Meadow Drive in Bend.

Compass Commercial Real Estate Services brokers Joel Thomas, CCIM and Russell Huntamer, CCIM represented the landlord, C.T. Woodard Properties, LLC, in the lease of a 1,710 SF industrial suite located at 2797 NW Clearwater Drive in Bend. The tenant, Sunrise Physio, was represented by principal broker Bruce Churchill of Compass Commercial Real Estate Services.

Broker Joel Thomas, CCIM with Compass Commercial Real Estate Services along with broker Caroline McDonald, RPA® and broker Timmy Regan with Compass Commercial Asset & Property Management represented both the landlord, Basaltic, LLC, and the tenant, Introstem, in the lease of a 1,475 SF retail suite located at 809 NW Wall Street in Bend.

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Post office plaza

Historic Post Office Plaza Sold

by Lauren Evanson 10 December 2020in Press Releases

The historic downtown Bend building known as Post Office Plaza recently sold for $4,300,000. The 19,352 SF building located at 777 NW Wall Street has maintained its location in the heart of Bend’s historical district since 1932. Compass Commercial Real Estate Services brokers Howard Friedman, CCIM, Jay Lyons, SIOR, CCIM and Grant Schultz represented the seller of the property. Brian Fratzke, CCIM and President with Fratzke Commercial Real Estate Advisors Inc., represented the buyer.

The previous family owned the historic landmark since 1998. Friedman worked with the family from the very beginning, later bringing Lyons and Schultz to the table. The property offered a rare opportunity to own a piece of downtown Bend history. Interest was strong out of the gate, with an offer made after a short time on the market.

“This trophy, historic downtown property is a landmark in downtown Bend,” Friedman stated. “It is one of the last and oldest remaining properties that were not razed for development over the last century, like the Pilot Butte Inn, the Crane Shed or the A.M Drake Lodge. The purchase of the property by a quality buyer will ensure its legacy in Central Oregon.”

The buyer, Deschutes Opportunity Commercial Redevelopment, LLC, plans to redevelop the site, while keeping its historical architecture intact. The three-story building originally consisted of a 4,000 SF foundation with one of the levels below grade. An addition was constructed in the 1980s bringing the square footage up to the 19,352 SF it is today.

“The buyer completed an in-depth due diligence process to confirm the highest and best use for the property. Several options were considered including housing and hotel options, upgraded executive offices, and retail uses. As the buyer is originally from Oregon, they wish to improve the building by enhancing its historic features while providing a high-class asset to the downtown core of Bend,” Fratzke stated. “Our community should be excited to see the upgrades and changes beginning in 2021.”

The Old Bend Post Office was constructed by the Public Buildings Program to reduce unemployment and to stimulate the economy. Its architectural style reflects a modern and classical style with its ornamental elements on the east side of the building. The reinforced concrete construction was considered unusual for the Bend area at the time and therefore deemed luxurious by the locals. The building is listed on the National Register of Historic Places.

The building has stood the test of time through the depression era and the recent COVID pandemic. Today, it stands as a reminder of our past and the hope for future progress.

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Sisters Forest Service Land

Sisters Forest Service Land Sold for $2.8 M

by Lauren Evanson 8 December 2020in Press Releases

The 31.56-acre parcel of USDA Forest Service land located off of Highway 20 in Sisters recently sold for $2,818,244. Brokers Robert Raimondi, CCIM and Graham Dent, Partner with Compass Commercial Real Estate Services represented the Forest Service in the deal. The Forest Service sold the property to finance the construction of a new ranger station building on the parcel they will retain at the intersection of Highway 20 and South Pine Street.

“The Deschutes National Forest is excited to use the proceeds from the sale of this parcel to assist in replacing the ranger station in coming years. A new ranger station will allow for continued customer service and stewardship of the Sisters Ranger District into the future,” stated Holly Jewkes, Forest Supervisor, Deschutes National Forest.

The Forest Service land deal started four years ago in 2016 with over 66 acres of land for sale. The amount of land for sale grew to be approximately 80 acres, which later split into three parcels, one of which sold in 2019.

“The Forest Service approached this as a true team effort. They educated us and the City of Sisters came to the table and gave it a priority,” Broker Robert Raimondi stated.

Broker Graham Dent commented, “This was an exciting process to be a part of. This project will be a catalyst for the growth of downtown Sisters and will deliver much needed developable land to the community.”

Developer PX2 Investments, LLC, a Sisters-based development group, acquired the 31.56-acre parcel of land. Although no specific development plans have been disclosed, the buyers were successful in obtaining zoning changes in October that would allow for a mix of residential multi-family, commercial and industrial development. Tim Kizziar, Principal Broker with Stellar Realty NW in Sisters, represented the buyers.

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2020_October

October 2020 Notable Commercial Transactions

by Lauren Evanson 17 November 2020in Transaction News

Compass Commercial Real Estate Services is pleased to announce notable commercial transactions closed by the firm in October 2020.

Principal broker Bruce Churchill of Compass Commercial Real Estate Services represented the buyer, LBLM Investments, LLC and Three Sisters Holdings, LLC, in the sale of a 15.3 acres parcel on Brinson Boulevard. Compass Commercial Real Estate Services brokers Pat Kesgard, CCIM and Kristie Schmitt represented the seller. The commercial property sold for $3,509,609.

Compass Commercial Real Estate Services brokers Pat Kesgard, CCIM and Kristie Schmitt represented the buyer in the acquisition of a 500 SF retail building located at 1990 S Highway 97 in Bend for $1,650,00.

Brokers Pat Kesgard, CCIM and Kristie Schmitt of Compass Commercial Real Estate Services represented the seller, Lowcal Industries, LLC, in the sale of 16161 Burgess Road in La Pine. The 25,751 SF group living facility on 9.97 acres sold for $1,615,000.

Compass Commercial Real Estate Services broker Dan Kemp, CCIM and Compass Commercial Asset & Property Management broker Luke Ross represented the landlord, Sessler Properties, LLC, in the lease of a 12,950 SF industrial space located at 545 SE Bridgeford Boulevard in Bend. Compass Commercial Real Estate Services broker Graham Dent represented the tenant, PG Long Flooring, LLC, in the deal.

Brokers Peter May, CCIM and Dan Kemp, CCIM of Compass Commercial Real Estate Services represented the tenant, SmartyPits, in the lease of a 6,278 SF industrial suite located at 693 SE Glenwood Drive in Bend. Brokers Ron Ross, CCIM and Terry O’Neil, CCIM of Compass Commercial Real Estate Services and Compass Commercial Asset & Property Management broker Luke Ross represented the landlord, Rock Ridge Investments, LLC.

Broker Robert Raimondi, CCIM of Compass Commercial Real Estate Services represented the seller, Aero Facilities, LLC, in the sale of 63205 Gibson Air Road in Bend. The 3,600 SF hangar at the Bend Airport sold for $325,000.

Compass Commercial Real Estate Services brokers Terry O’Neil, CCIM and Bruce Churchill represented with landlord, Jerry Ivy Separate Property Revocable Trust, in the lease of a 4,439 SF industrial suite located at 2050 SW Deerhound Avenue in Redmond.

Compass Commercial Real Estate Services broker Ron Ross, CCIM and Compass Commercial Asset & Property Management broker Caroline McDonald, RPA® represented the landlord, JDAS Properties, LLC, in the lease of a 1,550 SF office suite located at 990 NW Brooks Street in Bend.

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Fall 2020 MF Blog

Multifamily Building Boom: Are we keeping up with demand

by Lauren Evanson 10 November 2020in Central Oregon Multifamily News

Written by Ron Ross, CCIM

The talk of the multifamily community these days is the apartment building boom. Central Oregon has experienced a housing shortage for the last several years. The city of Bend is encouraging more multifamily housing. Historically, roughly 60% of all residential units constructed in Bend are single-family and 40% are multifamily. Public officials want to reverse this trend, with a strong focus on increasing density to allow for more multifamily units.

One concern of owners and developers is the potential for over supply leading to vacancies and downward pressure on rental rates. So far this has not been the case. Absorption remains strong with new units being leased as soon as they become available. There are few concessions being offered in the market and rent growth continues modestly.

According to a 2018 HUD study, the Bend-Redmond MSA would require about 600 new multifamily units per year from 2018 through 2021. The COVID-19 pandemic has created an even greater demand for housing due to the increased number of people moving from urban areas, aggravating the housing shortage. It seems likely that the 600 new units per year will not be enough to meet demand.

How many multifamily units are being built?

In the city of Bend, 482 new multifamily units have come online in the last two years. There are currently 813 units under construction which totals 1,295 units, an average of 431 units per year between 2019-2021. There are 1486 units in the pipeline, which could be delivered in the next 2-3 years. Not all the pipeline projects will be built.

Redmond has seen explosive growth in the multifamily space with several hundred units being planned but so far, the City of Redmond has only issued permits for 127 multifamily units in 2020. Even though there are several larger projects in the planning process in Redmond, it is unlikely they will be able to deliver product before 2022.

Some of the most notable recent deliveries in Bend include the 203 premium units at The Hixon at Westside, 120 units at the Reserve at Brookswood and 67 Units at The Nest. Currently under construction are 240 affordable housing units at Stillwater Crossing in South Bend, 141 units at 171 SW Shevlin Hixon Drive and 130 units at Outpost 44 on Boyd Acres Rd. In Redmond 144 Units at Triple Ridge is near completion and 90 units at Ridgeview Heights were recently delivered and fully leased.

What does this all mean?

The housing crunch will likely remain as demand will still exceed supply, assuming the population influx continues. While there have been substantial rent decreases in high cost West Coast cities, that has not been the case in Central Oregon. So long as people keep moving in, multifamily construction will be in high demand. The real threat facing multifamily development over the next decade in Central Oregon is the lack of high-density land supply available for development. While any market can experience short term spikes in vacancies due to a large number of unit deliverables in a given year, the lack of development land and increasing product demand will keep multifamily vacancies low for years to come.

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November 2020 KBND

Pat Kesgard Discusses Compass Points on KBND

by Lauren Evanson 5 November 2020in KBND Interviews

Partner and broker Pat Kesgard, CCIM sat down with KBND host Frank Bonacquistie on Monday, November 2nd to discuss the Compass Points Q3 2020 report. Despite the COVID-19 pandemic, the commercial market remains strong. Bend was recently ranked as the fastest-growing medium-sized city in the U.S. by the personal finance website Wallethub. People from urban areas, like Seattle and the Bay Area, are looking to move their businesses out of these big cities and into Central Oregon. This has caused an increase in demand for commercial properties, and therefore new construction has gone up in response. So far in 2020, 55 commercial properties have been constructed and approximately 43 properties are proposed or under construction.

Listen to the full podcast here.

Subscribe to Compass Points.

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Rebranding_2020

Introducing Compass Commercial’s New Look

by Lauren Evanson 28 October 2020in Press Releases

All of us here at Compass Commercial are excited to introduce to you our new look! We loved our past look, but we felt it was time to bring our brand into the 21st century. Rest assured, we have no intention of changing the way we do business. Instead, we hope to continue to improve and grow as Central Oregon does the same.

It has always been our intention to put the needs of our clients first. From Compass Commercial’s start in 1996, our founders sought to create a new kind of commercial real estate company. Instead of picking a company name that incorporated their own names, as is common for most real estate agencies, the founders decided to pick a name that could be passed down for future generations. Thus, Compass Commercial was born.

 

Compass Commercial has grown since its start nearly 25 years ago. In 2000, Compass Commercial began a property management department beginning with just over 300,000 SF. The name of the department was later changed to Compass Commercial Asset & Property Management which currently manages over 2 million SF of commercial property. Compass Commercial grew again in 2009 with the addition of a Development Services division. The name was later changed to Construction Services in 2015. The 2006 version of our Compass Commercial Real Estate Services logo was then adapted to accommodate these additional segments of the company.

The concept of a compass is symbolic to the company’s goals. A compass is a guide, and each broker, property manager, construction personnel and staff member are there to guide, advise and serve their clients to help them meet their unique real estate objectives. That is why a compass is in our logo and has remained there through two logo updates.

You can see the new logo did not fall far from the prior version. However, we wanted to improve upon readability and clarity between divisions.

The three divisions needed their own distinct branding. This was accomplished using color. Blue is a meaningful color for Compass Commercial as it expresses trust and reliability. Gold for Real Estate Services (Brokerage), light blue for Asset & Property Management, and Orange for Construction Services. The color helps to quickly identify which division is being represented.

You will soon begin to see this new look throughout our emails, advertisements and signs around town. In addition, on January 1, 2021, we will be launching a new and improved website as well as Yardi Voyager. The new website will allow you to easily navigate all available properties and connect with a commercial real estate expert. Our Asset & Property Management department is implementing Yardi Voyager to better serve our tenants, owners and vendors. This state-of-the-art platform allows users to easily create maintenance requests, pay rent, get an up-to-date snapshot of their assets and much more.

Compass Commercial is excited to move into the future with our updated branding and new technologies, so we can better serve our clients and the community.

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Compass Points Q3 2020

Compass Points Q3 2020 Market Report

by Lauren Evanson 21 October 2020in Compass Points Market Report

Compass Points Q2 2020Growth and New Construction in Central Oregon:

The 2020 COVID-19 crisis caused businesses to pivot how they are operating. Those who were hit the hardest have been unable to keep their doors open. However, the Central Oregon commercial market is remaining strong with new construction popping up all over the area. What is causing this influx in demand for commercial properties? Find out in the Q3 Market Report.

Bend’s Office Market:

Compass Commercial surveyed 218 office buildings for the third quarter 2020 Bend report. The buildings in the sample totaled 2,731,655 square feet (SF). Negative net absorption of 20,557 SF was recorded during the quarter, and the vacancy rate rose to 7.50%, up from 5.48% in Q2 2020. There is now 204,963 SF available for lease, up from 145,601 SF in Q2. Get the full report for a complete breakdown of the Bend office market.

Bend’s Retail Market:

Compass Commercial surveyed 260 retail buildings totaling nearly 4,523,652 square feet (SF) for the third quarter of 2020. The citywide vacancy rate rose slightly, from 3.09% at the end of Q2 2020 to 3.38% at the end of Q3. There is currently 152,798 SF of retail space available citywide, up from 139,843 SF in Q2. Get the full report for a complete breakdown of the Bend retail market.

Bend and Redmond Industrial Markets:

Compass Commercial surveyed 320 industrial buildings for the third quarter 2020 report, totaling 4,612,306 square feet (SF). The industrial market gained a healthy 53,008 SF of net positive absorption in Q3, and the vacancy rate dropped from 3.80% in Q2 to 3.47% in Q3 2020. Four new buildings were added to the survey in Q3 and there is now 159,856 SF of industrial space available for lease in Bend, compared to 170,716 SF in Q2.

The Redmond Industrial market experienced 23,063 square feet (SF) of negative net absorption in the third quarter of 2020 with two new leases and five new vacancies noted. The vacancy rate rose to 3.50%, up from 2.10% in Q2. Out of Redmond’s industrial sector of 1,654,385 SF total leasable space, there is now 58,447 SF available for lease. There are 87 buildings in the Redmond industrial market that were surveyed.

To view the complete report, sign up to receive our quarterly publication at https://www.compasscommercial.com/POINTS or call (541) 383-2444.

Compass Points is a quarterly publication of Compass Commercial Real Estate Services offering comprehensive surveys of the Central Oregon commercial real estate market. The report provides a detailed look at quarterly vacancy and absorption data in office, retail and industrial product types throughout Bend’s primary submarkets, as well as the Redmond industrial market. Absorption data contained in the report pulls from samples of buildings over 3,000 sq. ft.

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