Eugene Country Club Offices Sold

by Compass Commercialon 27 May 2020in Press Releases

Brokers Ron Ross, CCIM and Terry O’Neil, CCIM represented the buyer, Scharpf Investments, LLC, in the purchase of the primely positioned and well known Country Club Professional Center located at 921 Country Club Road in Eugene, Oregon. The purchase price was $8,625,000.

Ross and O’Neil assisted the buyer in completing a 1031 exchange. The 5-building office complex is home to 30+ tenants and consists of nearly 69,000 square feet on 4.5 acres. It was approximately 96% occupied at the time of closing.

Negotiations began before the COVID-19 situation, but the pandemic was well underway by the time the sale closed. The buyer did not waiver on the commitment to purchase the complex. Long-term family ties to the Eugene area made the buyer comfortable with the property and the Eugene economy. There was no traditional mortgage financing involved, so funding was not in question.

Scharpf Investments, LLC has long-term investment goals, expecting to own this property for 40 years or more. They intend to upgrade the individual suites on turnover. Currently, there are no immediate changes to the operation of the property. The complex will continue to be a comfortable, safe and affordable home for small and family businesses.

16-Unit Townhome Complex in Madras Sold

by Compass Commercialon 8 May 2020in Press Releases

In the midst of a pandemic and economic shutdown Compass Commercial Real Estate Services brokers Ron Ross, CCIM and Terry O’Neil, CCIM sold the 16-unit apartment complex, Juniper Court Townhomes in Madras, in less than 30 days.

The Juniper Court Townhomes, located at 339 SW H Street in Madras, was listed at the beginning of April 2020. The deal was closed by April 30. Ross and O’Neil represented the seller, Hal’s Dens, LLC.

COVID-19 and economic shutdown presented a substantial challenge in selling the property. Interior inspections of the occupied units were not deemed a safe practice, for both the occupants and inspectors. In light of these challenges, the seller was realistic and priced the property to sell.

There was a great deal of interest, and the sellers had offers within the first week of marketing. A local apartment investor with years of experience in the multifamily sector recognized the opportunity and purchased the property. They were pleased with the complex and were comfortable with no interior inspections.

The buyer funded the purchase with their funds, so they did not have to rely on a loan in these uncertain times. They intend to upgrade the property by remodeling the units on turnover.

Call Ron Ross at 541.322.1230 or Terry O’Neil at 541.408.1202 if you are interested in selling your multifamily properties or want to talk about what is happening in the market. We are happy to let you know what we are seeing and are very interested in what you may be experiencing.

To stay up to date on the Central Oregon multifamily market, go to CompassCommercial.com/mfnews and signup to receive new listing alerts or the quarterly multifamily newsletter.

Box Factory is Open For Business

by Compass Commercialon 28 April 2020in Press Releases

Many restaurants and retailers of Bend’s popular retail hub, the Box Factory located at 555 SW Industrial Way, are making the best out of a difficult situation. With the ever-changing rules and regulations presented by COVID-19, Compass Commercial’s tenants are working hard to stay open by offering online ordering, pick-up and delivery options and online classes. All tenants have implemented the CDC recommendations by increasing cleaning, wearing masks and gloves and the addition of sanitization stations.

Valentine’s Deli started offering a “pay-it-forward” option for anyone who wants to support and thank our local health care workers. Sandwiches will be delivered to feed those working on the front lines at St. Charles once a week. Takeout and curbside pick-up are available with new menu options coming soon.

Other restaurants providing pick-up and delivery options included Strictly Organic, Bledsoe Family Winery, Fix and Repeat and Miyagi Ramen. Call ahead of time to place your order and they will bring the order out to your car. Miyagi Ramen is currently delivering orders through Grubhub, Postmates or Uber Eats. Interested in doing a wine tasting? Bledsoe Family Winery is doing virtual tastings and videos about the winery.

With Mother’s Day right around the corner, get the perfect cake ordered from Foxtail Bakeshop. Order your favorite cold brew drink online from Riff Cold Brewed through their website or Amazon. Others practicing social distancing included Iron Elephant Tattoo, Valentine Ventures, LLC and John L. Scott. Their staff and brokers are working remotely and are available by Zoom and appointment only.

Exercise facilities are offering ways to take your workouts home with you. Sekse Fit is live-streaming classes for free, including “quickie” and full-length workouts ranging from dance, toning and sculpting, flexibility and pole conditioning. Recharge is hosting online classes and new Q&A sessions with therapists, coaches, doctors, athletes and more. Worried about missing a yoga class? Yoga Lab is offering discounted Zoom classes to keep students moving while social distancing.

Compass Commercial Real Estate Services serves as the property management and leasing brokerage for the Box Factory. For Compass Commercial Asset & Property Management questions, please call 541.330.0025.

Bend’s Latest Community Hot Spot: East End

by Compass Commercialon 4 March 2020in Press Releases

A new community hot spot is coming to Bend’s East Side. Located at 1462 NE Cushing Drive, “East End” will host a variety of restaurants and retailers, both familiar and new to Central Oregon. The project is slated for shell completion in May of this year.

Brokers Russell Huntamer, Jay Lyons, Tom Standish and Grant Schultz were brought on by the landlord, JKC Bend, LLC, to lease the property. The Compass brokers have already leased five of the nine available suites to quality tenants, four of which they also represented, and two of the remaining spaces are pending. New tenants include Bangers and Brews, Lone Pine Coffee Roasters, No Hablo Taco, Tread Tabata and Cuppa Yo Frozen Yogurt. These tenants plan to open their doors in summer 2020.

East End will be the second location for both Bangers and Brews and Lone Pine Coffee Roasters. Huntamer previously represented Lone Pine in procuring their downtown location and represented Bangers and Brews in establishing their Westside Yard location.

No Hablo Taco is a new restaurant opening in East End coming from the restaurant group that created Miyagi Ramen and Bos Taurus. Tread Tabata, a high-intensity interval training workout facility, will be moving into a neighboring suite. Cuppa Yo will be joining the lineup by relocating from its current Highway 20 location.

As Bend’s population continues to increase, the demand to cultivate a variety of restaurants and retailers expand. The high-end retail center, which is a response to the rapid growth of the east side, is sure to provide an assortment of restaurant, service and medical options to the area.

CHI Chinese & Sushi Bar’s New Location

by Compass Commercialon 20 February 2020in Press Releases

The popular restaurant, CHI | Chinese and Sushi Bar, will soon be moving to a new location. They will be expanding their operation into the former McGrath’s Fish House building in the Bend River Promenade on Highway 97. A full remodel of the restaurant space is set to take place this spring, with the intention of opening by summer 2020.

Brokers Russell Huntamer, Peter May and Tom Standish have had a longstanding relationship with the Bend River Promenade as the listing brokers. Multiple tenants competed for the restaurant pad site, but the owners ultimately decided it was best to fill the space with a successful, locally owned restaurant. Once CHI’s owners set their sights on the Highway 97 location, the deal closed in a matter of two months.

CHI is a family-owned and operated business. The owners come from an entrepreneurial background after starting up and selling multiple other restaurants in Bend. CHI opened in 2015 in downtown Bend and has steadily grown over the years. Due to parking restrictions at this downtown location, it became necessary to relocate the business so it could continue to thrive.

The additional parking, the bigger space and the central location of the Bend River Promenade made the former McGrath’s Fish House the perfect site for their expansion. Russell Huntamer commented, “the owners of CHI were great to work with and are very motivated to continue growing their business.”

Lone Pine Coffee Roasters’ Journey

by Compass Commercialon 29 January 2020in Press Releases

If you’ve ventured down Tin Pan Alley in downtown Bend, there’s a good chance you’ve heard of Lone Pine Coffee Roasters. Perhaps you were drawn in by the smell of roasting coffee beans or the sweet scent of their freshly made waffles. Lone Pine has developed a sort of cult-following since its opening in 2009 by Owner Scott Witham, and customers continue to follow him to Lone Pine’s new location at 910 NW Harriman Street.

With his company’s growth over the years, Scott decided it was time to relocate his business. While searching for the perfect spot, the coffee connoisseur stumbled upon a potential location that led him to Russell Huntamer with Compass Commercial Real Estate Services. Russell evaluated Scott’s needs and searched to find an ideal location for Lone Pine, which ended up being the old Boomtown Building on the corner of Greenwood Avenue and Harriman Street.

According to Scott, “Russell took the time to find us a location that fit our needs. He and the construction team listened to what we needed and helped us create our ideal space.”

Compass Commercial Construction Services was tasked with converting this wide-open retail building into two suites: Unofficial Logging Co. on the north end and Lone Pine Coffee Roasters on the south end. Construction began and as our team worked hard to improve the space, Scott’s lease in Tin Pan Alley came to an end. However, Scott was determined to continue roasting and selling his coffee while his space was being built out. Subsequently, our Construction Services team worked with the City of Bend to obtain the proper permits and proceed to build out the space around Scott’s roasting operation so Lone Pine could stay in business during the transition.

The new space was tailored to Scott’s vision. Our Construction Services crew oversaw various craftsmen and tradesmen to build out this extremely customized space. The finished space maintains its historic atmosphere with its wood overhead beams while adding a touch of sophisticated, modern finishes. A glass rollup door was added to bring in more natural light and provide indoor/outdoor space during the warmer months.

“Bringing the iconic Boomtown Building into its current condition has been a very exciting team effort with the landlord, Lone Pine Coffee Roasters, Unofficial Logging Co. and Compass Construction,” Russell stated. “We are all looking forward to enjoying the incredible new aesthetics of the building and frequenting both tenants’ businesses for many years to come.”

With this move, Lone Pine Coffee Roasters has doubled the size of their café, their business is thriving, and Scott has his sights set on opening his second location on Bend’s east side at East End, which is set to open in late summer 2020.

Bend Bulletin Building Sold for $13.2 Million

by Compass Commercialon 7 January 2020in Press Releases

By Katie Peters, CBRE
303.968.5801
katie.peters@cbre.com

CBRE has announced the sale of the Bend Bulletin building in Bend, Oregon for $13.15 million. The property, which was marketed as part of Western Communications’ bankruptcy proceedings, was purchased by Chandler Center, LLC.

Paige Morgan and Charles Safley with CBRE’s Portland office partnered with Gardner Williams and Graham Dent with Compass Commercial in Bend to represent the seller, while Dan Kemp with Compass Commercial represented the buyer.

“The Bend Bulletin building offered a unique opportunity to control a large block of quality office and industrial space in a low vacancy, land constrained market with limited supply,” said CBRE’s Paige Morgan. “In addition to the existing building, the sale included more than nine acres of land that’s zoned for mixed-use development.”

The Bend Bulletin building totals 86,445 square feet of office and industrial space on 9.78 acres. It was built in 2000 by Western Communications to house the staff and printing press for the Bend Bulletin newspaper. EO Media Group, who acquired the Bend Bulletin earlier this year, will lease a portion of the building.

“This property is located on the highly-desirable west side of Bend near many of our city’s most sought-after amenities,” said Compass Commercial’s Gardner Williams. “As the new owner looks to further develop the property, it will be able to provide tenants a convenient location and a competitive advantage for recruiting employees.”

Bend was ranked as the “Best Performing Small City” in the nation by The Milken Institute in 2018, which is the third consecutive year the metro has taken that honor. The organization cited unmatched 5-year job and wage growth, strong high-tech performance and substantial investment in its knowledge economy via the Oregon State University-Cascades Campus. The Bend metro boasts an unemployment rate of 3.6 percent and projected job growth of 55.7 percent, compared to a national average of 33.5 percent, over the next 10 years.

Dan Kemp and Adam Bledsoe from Compass Commercial Real Estate have been hired to re-tenant the building. Prospective tenants and their representatives can contact them at 541-383-2444. Additionally, a prospective open house is planned for this quarter. If you are interested in attending, please send an email to RSVP@compasscommercial.com with the subject: Bend Bulletin Open House.

CCIM Insights Report: Q3 2019

by Compass Commercialon 8 November 2019in Press Releases

CCIM (Certified Commercial Investment Member) Institute has released its Q3 report for 2019. In this edition, CCIM tackles the myths associated with online shopping and the effects it has on retail leasing. According to a report by the International Council of Shopping Centers (ICSC), “online and brick-and-mortar retail have a symbiotic relationship.” CCIM Insights provide powerful facts to support predictions made on the future of the industry.

Read the full report “Retail e-Volution: Predictions for 2025”.

NorthWest Crossing Property Sold for $3.45M

by Compass Commercialon 10 September 2019in Press Releases

Compass Commercial Real Estate Services is pleased to announce the sale of Summit Square North located at 2855 NW Crossing Drive in Bend. Joel Thomas, CCIM, Russell Huntamer, CCIM and Tom Standish, Broker represented the seller, Bowler & Bowler, LLC, in the disposition of the 10,432 sq. ft. medical office building. The building was sold for $3,450,000.

The sellers approached the brokers to assist with selling the property last fall. The building was partially owner-occupied and being marketed at 50% vacant. After careful consideration, the brokers encouraged the owner to lease the available upstairs suite before renewing marketing efforts for the property.

The Sage School of Massage leased the entire upstairs in May of 2019, bringing the building to 100% occupancy. The property was rebranded as a fully leased NNN investment. It ultimately sold at a value that was 10% higher than when the brokers took on the assignment.

Located in the desirable NorthWest Crossing community, Summit Square North is one of Bend’s premier Class A office buildings. Current tenants of the building include Exam Works, West Bend Family Medicine, Bend Dermatology, and Sage School of Massage.

Wagner Mall & Pinebrook Plaza Sold

by Compass Commercialon 17 July 2019in Press Releases

Brokers Pat Kesgard, CCIM and Kristie Schmitt of Compass Commercial Real Estate Services along with Compass Commercial Asset & Property Management brokers John Keba, CPM®, ARM® and Holley Jensen represented Overbay Development Company, LLC as the seller in the sale of the Wagner Mall and Pinebrook Plaza shopping centers in Bend. Russell Huntamer, CCIM and Tom Standish, broker represented the buyer, Western Pacific Holdings, Inc., in purchasing both properties.

Wagner Mall and Pinebrook Plaza were a part of a joint venture previously owned by Overbay Development Company, LLC. Kesgard and Schmitt were approached by Overbay’s lawyer to sell the two properties. Kesgard then brought in Compass Commercial Asset & Property Management’s Keba and Jensen to manage the properties. The Overbay family built the two retail centers in the early 1970’s and late 1980’s and also own the Wagner Square in Redmond.

Pinebrook Plaza is currently home to Albertsons, among other retail stores. The sale was comprised of both the main building and land and included the stand-alone Shari’s restaurant. The 59,509 sq. ft. shopping center is situated on 5.97 acres at 61155 Highway 97. Wagner Mall’s 108,818 sq. ft. shopping center is situated on 9.35 acres at 1800 NE 3^rd Street and includes Albertsons, Rite Aid and Aaron’s. The sale of Wagner Mall included the mall, large box spaces and the surrounding pad sites.

If you have questions about this article, please contact Russell Huntamer, CCIM or Pat Kesgard, CCIM of Compass Commercial Real Estate Services at 541.383.2444.

Category : Press Releases