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Category : Press Releases

Home/Compass Commercial News/Archive by Category "Press Releases"
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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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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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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27 Elm

Redmond Townhome Complex Sold For $13.2M

by Lauren Evanson 23 September 2020in Press Releases

The 58-unit townhome complex known as The 27 Elm in Redmond sold for $13,200,000 ($227,586/unit) after a nearly two-year-long buildout and full stabilization. Brokers Dan Kemp, CCIM, Pat Kesgard, CCIM and Kristie Schmitt represented the seller, Chicago-based developer The Renaissance Companies and its local affiliate, Hunter Renaissance Development (HRD). HRD owners Jeanmarie Kapp and Nancy Kapp wanted to provide a higher quality of living for those in the medium income range, something they did not see already existing in Central Oregon.

“Every one of our properties is different from its neighbor,” said Jeanmarie Kapp. “Our prototype includes opportunity zone projects and those cities/towns having difficulty addressing their workforce housing needs. Each project we take on is a catalyst for growth – in design/style, livability and economics. Our focal point is to provide a superior living product for middle-income America, a vastly underserved market across the US.”

Located on the corner of NW Elm Avenue and 27th Street, this workforce housing community contains 59 tax lots on 2.76 acres. Construction took place in a two-phase process. The first phase completed 36 units in summer 2018. Twelve months later, phase two delivered 22 units, and the property was fully stabilized by November 2019.

The 27 Elm went under contract several times in early 2020 until FAC Redmond LLC, a syndication led by Davis Vaughn, purchased the property. Vaughn previously worked with Security Properties, which purchased the Outlook at Pilot Butte apartments and the Aspen at Farmington Reserve, making this the third-largest multifamily investment property that he has been involved with in Central Oregon.

“Multifamily Interest rates dropped significantly in the last few months, which created additional positive leverage and increased the returns for this investment,” Kemp stated.

The new townhomes created and continue to create high demand with over 1,500 leasing inquires during construction and pre-leasing. A study of the tenant base shows a large sector of the tenants coming from across the western United States to take new jobs in Central Oregon.

Kemp stated, “Redmond has been starving for new, upscale, yet still affordable multifamily housing and the leasing demand for The 27 Elm has set a new bar.”

So, what comes next for the developers of the successful townhomes? They are currently in an equity raise for their up-and-coming 21 Canal project. Entitlements are complete, construction and permanent financing are set, and they are ready for permits. This project is a similar workforce housing campus with expanded amenities including a tenant-desired fenced dog park, attached garages and fenced yards, with a mixture of one-bedroom apartments and townhomes totaling 130 units. Additionally, the development is in an opportunity zone, which brings tax benefits.

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DPL Conceptual Design

Deschutes Public Library’s Future Central Library

by Compass Commercialon 9 September 2020in Press Releases

Written by Ron Ross, CCIM

Compass Commercial is pleased to announce the Deschutes Public Library (DPL) has purchased a 12.75-acre parcel for a future Central Library. The site is located on the north end of Bend near the intersection of Highway 20 and Robal Road.

The purchase was a culmination of an extended search process for the ideal site. In January of 2019, the Deschutes Public Library engaged Compass Commercial to represent them through an RFP process. Approximately six potential sites were identified. That list was quickly narrowed down to two sites. After performing initial due diligence, it became apparent that the subject site met all the criteria. The central location for the entire county was a primary factor. The proximity to neighborhoods, schools, shopping, and other important services solidified the choice.

DPL engaged developer Brooks Resources to work through the many and complex development challenges for the parcel. After 6 months of due diligence, the site was purchased with cash for $1,350,000. There was no debt financing involved.

The Compass Commercial brokers who represented DPL on the transaction, Ron Ross, CCIM, Dan Kemp, CCIM, Pat Kesgard, CCIM and Kristie Schmitt, wish to express their appreciation for a great experience in working with the DPL staff and board. The very complex process went smoothly due to the professionalism, efficiency and thorough attention to detail of the Library staff under director Todd Dunkelberg and Business Services Manager, Denise Senner.

The design of the Deschutes Public Library’s future site is conceptual and is subject to change.

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Yardi Upgrade 2020

Property Management Upgrades to Yardi Voyager

by Lauren Evanson 18 August 2020in Press Releases

Compass Commercial Asset & Property Management is excited to announce the launch of Yardi Voyager, a web-based accounting and property management platform. We currently have four top staff members working on the conversion aspects of the program, and we plan to go live on January 1, 2021.

“We want to provide a quality property management platform that will exceed the expectations for our tenants, clients and owners,” Vice President of Asset & Property Management Jackie Niebling, CCIM, CPM®, CRRP stated.

With over 2,000,000 square feet of managed commercial property space in Central Oregon, our previous software program simply did not provide our clients and tenants with the most up to date information and technology available for our industry. Yardi’s best-in-class commercial property management platform will help our clients and property managers reach a higher level of efficiency and communication.

We will be implementing the Commercial Café program to give tenants the ability to get a snapshot of everything they have requested over the year, from monthly charges to maintenance requests and more. The Advanced Budgeting and Forecasting will provide clients and owners an up to date snapshot of their assets and provide proforma along with strategic planning tools. The addition of VendorCafe will help improve workflow and encourage owners to become involved in the process.

This is Niebling’s third Yardi conversion in her over 30-year career. After returning to Central Oregon, she noticed Compass Commercial’s software platform was limited. Yardi Voyager was the easy choice to deliver exemplary customer service and the most in-depth market reports, with the best in class technology available on the market today.

Yardi’s team stretches worldwide to over 7,000 employees in 35 offices internationally. Compass Commercial Asset & Property Management will become the first commercial real estate company in Bend using the Yardi Voyager 7 Commercial accounting property management platform.

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Eugene Country Club

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.

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Juniper Court Townhomes

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.

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Box Factory

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.

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