Project Summary
Sale of a 100% leased mixed-use ground up development property in downtown Bend anchored by an acclaimed restaurant as well as regional legal and financial services firms.
The Challenge
The Owners of 1051 Bond Street retained Compass Commercial in 2005 to help them evaluate the sale versus development of their obsolete one story office building in downtown Bend. After a thorough analysis of the site and the market conditions, Compass Commercial made a recommendation to sell the property. However, the Owners took a multi-generational view of the property and decided to proceed with the development of a four story mixed use restaurant/office building. Unfortunately, shortly after the shovels hit the dirt, the Great Recession struck and the leasing market came to a screeching halt.
The Solution
Develop an aggressive approach to lease the property over the next 24 months to accomplish 100% occupancy by 2011. Despite the fact that the initial restaurant tenant failed to survive the Great Recession, Compass Commercial successfully secured key tenants such as Brother John’s Alehouse which continues to occupy the space as one of downtown Bend’s most popular restaurants. Current office tenants include a mix of legal firms, wealth management, and finance and mortgage companies. Broker, Darren Powderly, CCIM also assisted the building Owners with lender negotiations resulting in a long-term fixed rate mortgage.
Compass Commercial Team:
Brokerage: Darren Powderly, CCIM
Property Management: Herb Arathoon, CPM®