Old Mill Marketplace – 555 NW Arizona Avenue, Bend, OR
Project Summary
Old Mill Marketplace is a mixed-use retail and office building with 83,565 rentable square feet located in the burgeoning corridor between the Old Mill District and downtown Bend. The property, with its prime location and historic structure that once served as an old mill box factory was not without its challenges.
Investors from Portland purchased Old Mill Marketplace seeking an opportunity to capitalize on Bend’s recovering market and the property’s unique qualities including flexible spaces, great location, highway access and visibility.
Challenge
With challenges that included a lack of tenant synergy, little to no marketing, incongruous parking, limited tenant signage and pedestrian access, among a long list of property maintenance issues, Compass Commercial presented the owners with a complete vision for the property.
Approach
The team recognized the potential for the project and focused on presenting a full range of possibilities to maximize the value of the property. Integrating resources from Compass Commercial’s brokerage, property management, construction services and marketing teams, the project proposal included a full-scale vision for property. The scope of services and marketing plan ranged from a base-case leasing plan, to improving the parking and targeting local tenants that would enhance the existing qualities of the center, on to drawing larger scale tenants appealing to a broader customer, and all the way to proposing a new building development, or a complete demolition and redevelopment of the property.
Result/Solution
The Investors agreed to a smaller scale approach by focusing on improving the parking, making enhancements to landscaping and signage while working toward a broader vision, as the area experiences more growth and demand. Compass Commercial has focused on making smaller scale improvements to the property while securing new leases with Longboard Louie’s, Recharge and new anchor tenant, Immersion Brewing. The project continues to develop as the corridor evolves with new area developments and construction.
Compass Commercial Team:
Leasing Brokers: Russell Huntamer, Principal Broker, Jay Lyons, CCIM
Property Management: John Keba, CPM® ARM®, Krista Polvi, CPM®
Construction Services: Steve Hendley