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.
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.
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 3rd 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.
Compass Commercial Real Estate Services is pleased to announce KIDS Center and Deschutes Children’s Foundation have been selected as the two grantees of its Compass Cares program for 2019 and 2020. Each organization will receive contributions of $2,500 per year over the next two years in addition to proceeds raised during the company’s annual fundraising event. Since its founding in 1996, Compass Commercial has encouraged volunteerism and financial support of community organizations as part of its company culture.
KIDS Center is the only regional child abuse intervention center providing child abuse evaluations that include a head-to-toe medical exam, child-friendly forensic interview and family support services to help connect families with community resources to minimize life stressors and reduce future opportunities for abuse to occur. They also offer therapeutic services to help children and families begin to process and overcome the trauma of abuse and robust prevention and education trainings. Executive Director Shelly Smith says, “KIDS Center is honored to be a partner with Compass Commercial as we provide a network of support and care for children and their families impacted by abuse. As we celebrate this special time of our 25th year of hearing, helping and healing children and their families in Central Oregon, we cherish this tremendous support from the Compass Commercial family.”
Deschutes Children’s Foundation provides classroom and office space and free facility management for nonprofits who provide crucial services to children and families. At Deschutes Children’s Foundation’s four community campuses twenty-five nonprofits help over 22,000 children and families annually to live safer, healthier, happier lives. DCF increases collaboration among nonprofits while drastically reducing operating expenses and improving access to vital services for children and families in our community. “Deschutes Children’s Foundation is honored to be a recipient of Compass Commercial’s generosity. Opportunities like Compass Cares demonstrate how local businesses can positively shape the wellbeing of their community through philanthropy. To share this honor with our friends and partners at KIDS Center is especially meaningful” stated Amy Ward, Executive Director.
President Jay Lyons, SIOR, CCIM and Regional Property Manager Luke Ross serve on the boards of KIDS Center and Deschutes Children’s Foundation and were instrumental in bringing the two organizations’ missions to the attention of the Compass Commercial board of directors. “As the number of children and families impacted by child abuse in our community continues to grow, the need for the services KIDS Center provides is greater than ever before. It’s an honor to serve on the KIDS Center board and to announce KIDS Center as one of the recipients of the Compass Cares program,” Lyons said. According to Ross, “Deschutes Children’s Foundation is such a worthy organization because of its broad reach in our ever growing community. DCF provides critical infrastructure for over 25 nonprofits, serving over 20,000 children and families every year in Central Oregon. It’s an honor to serve on the board of directors, while also working for a company so dedicated to caring for our community.”
If you have questions about this article, please contact Jay Lyons of Compass Commercial Real Estate Services at 541.383.2444.
Brokers Bruce Churchill, Jay Lyons, SIOR, CCIM and Grant Schultz of Compass Commercial Real Estate Services are pleased to announce District 2 West is now 100% leased. District 2 West is the second of three phases in TaylorNW’s District 2 development. The first phase was 100% pre-leased and the third phase known as District 2 East has broken ground and space will be available in May 2020.
Principal Broker Bruce Churchill describes the vision of the District 2 projects as Bend’s small-scale version of Silicon Valley. “With a dozen software, biotech and robotics companies it has the highest concentration of tech ventures in Bend, which was the intention when it was developed as the NorthWest Crossing industrial zoning limited office use to companies with a R&D component. It was a pretty tall order to fill 60,000 square feet of space given the limited number of tech companies in Bend. However, the campus feel and modern building architecture with open spaces, roll up garage doors and abundant natural light were designed by TaylorNW to attract tech companies and it worked.” Tenants include Kollective, Manzama, GP Analytics, Pro Q, Agency Revolution, Dutchie, Tend AI, UAV Factory, Apricity Code, Lead Method, Giant Source, and Seven Peaks Ventures.
District 2 East, a joint venture of Brooks Resources and TaylorNW, will provide 52,000 square feet of space within five buildings and the mixed-use zoning permits all types of professional office users. Local software firm Five Talent has leased a 10,853 square foot building. Four additional buildings totaling 34,830 square feet are under construction with space coming online in May of 2020.
Ron Ross, CCIM and Terry O’Neil, CCIM of Compass Commercial Real Estate Services represented buyer Rockridge Investments, LLC in the purchase of industrial property located at 687 SE Glenwood Drive in Bend. The property consists of four industrial buildings totaling 26,746 square feet on 5.01 acres, consisting of seven tax lots, and is occupied by multiple long term tenants. The purchase price was $2,950,000.
“Our clients Steve and Maria Whitrock saw long term potential in this property as well as potential for some value add. Additionally, the property is located in an Opportunity Zone that will provide some tax benefits as they redevelop parts of the property,” Ross said.
If you have questions about this transaction, please contact Ron Ross or Terry O’Neil of Compass Commercial Real Estate Services at 541.383.2444.
Compass Commercial Real Estate Services is pleased to announce the sale of Jot’s Resort, a 102-room hotel with a fully equipped restaurant and one bedroom one bath condos located at 94360 Wedderburn Loop in Gold Beach, Oregon. Broker Dan Kemp represented the seller in the transaction valued at $4,175,000. The deal was co-brokered by Paul Grout of Signature Realty LLC.
“Jot’s resort has been family owned and operated for the past twenty years. The property sits prominently at the mouth of the Rogue River and offers some of the best salmon fishing in the state from its private dock. The property has been purchased by a seasoned hotel owner, Anurag Patel, who has plans to breathe new life into property with updated renovations,” Kemp said.
The resort is situated on 7.33 acres and has been a popular tourist destination for more than 40 years. The resort is home to the Rod ‘n Reel Restaurant and Bar as well as a gift and tackle shop, marina, pool and fitness center.
If you have questions about this transaction, please contact Dan Kemp of Compass Commercial Real Estate Services at 541.383.2444.
Compass Commercial Real Estate Services is pleased to announce the sale of an 18.11 acre parcel of USDA Forest Service land located at US Hwy 20 and West Barclay Drive in Sisters, Oregon. Brokers Robert Raimondi, CCIM and Graham Dent represented Forest Service and Bruce Churchill, Principal Broker represented the buyer, Three Sisters Holdings, LLC in the transaction valued at $1,500,000.
The property is one of three parcels of the Forest Service’s approximately 80-acre administrative site. The two remaining parcels consist of 14.61 and 47.06 acres and those parcels remain available for sale.
The Forest Service will use the funding from this sale and the sale of the other two parcels to build more accessible and energy-efficient facilities.
“This sale moves us forward toward our goal of providing better services for visitors and improving employee safety while reducing our operating costs,” said John Allen, Forest Supervisor, Deschutes National Forest.
The Buyer is affiliated with Kevin Spencer of Empire Construction and Development and they plan to offer 2.5 acre industrial lots. They look forward to working with the City of Sisters and EDCO on this important parcel of land. Parties interested in the lots can contact Bruce Churchill, Compass Commercial Real Estate Services.
If you have questions about this transaction, please contact Cyndy Armour, contracting officer with the Forest Service, at 541-416-6662, or brokers Robert Raimondi, CCIM or Graham Dent of Compass Commercial Real Estate Services at 541.383.2444.
Compass Commercial Real Estate Services is pleased to announce the election of three new shareholders, brokers Dan Kemp and Graham Dent along with Brian Lorenz, CFO who were voted in during the company’s annual board meeting held April 16, 2019.
Dan Kemp joined Compass Commercial in 2012 bringing more than ten years of sales, marketing and management experience to the firm. He focuses his expertise on investment sales and is well diversified in all areas of commercial sale and leasing. He was the company’s top producer for 2017 and 2018.
Graham Dent has been with Compass Commercial since September 2013 and has consistently been one of the company’s top producers. Prior to joining Compass, he worked for CBRE Global Investors, one of the world’s largest real estate investment firms. His background is in acquisition, dispositions and development of office and industrial properties.
Brian Lorenz joined Compass Commercial Asset & Property Management in 2016 as controller and was promoted to chief financial officer in 2019. He has 26 years of financial accounting experience working with a variety of different business entities.
In addition to the election of new shareholders, Compass Commercial announced the transition of its corporate officers. Jay Lyons, SIOR, CCIM has been appointed president and former president Pat Kesgard, CCIM will move into the position of vice president as well as continue in the role of VP of Marketing. Russell Huntamer, CCIM is the company’s new VP of Sales and Peter May, CCIM will take on the role of VP of Finance.
Additional shareholders are as follows:
West Coast Provisions opened in early December 2018. According to owner, Anna Baxter, “West Coast Provisions is a new neighborhood market in NorthWest Crossing (NWX) that offers a curated selection of food, wine, beer, home goods and gifts, with a particular focus on artisan products from Oregon and surrounding states.” They lease a 1,741 square foot suite in the newly constructed Fremont Row, a mixed-use development.
Another new tenant, locally-owned Cosa Cura, has moved its consignment shop specializing in handmade goods into Fremont Row this month from their downtown Bend location. They have been open since 2006 with high-quality women’s consignment clothing and accessories, including jewelry, knits, home décor and beauty products, all locally made. There are more than 80 local artists’ goods sold at Cosa Cura.
Poke Row has been open since August, shortly after construction was completed on Fremont Row. They have been building a devoted customer base for their Hawaiian poke (pronounced poh-kay) sushi bowls and burritos, using only the freshest ingredients, local drinks and sake. Poke Row is the newest project from the award winning 5 Fusion team.
Located on NW Crossing Drive in Bend’s NorthWest Crossing neighborhood, between NW John Fremont Street and NW Fort Clatsop Street Fremont Row’s two-story main building includes retail suites on the ground level with residential condos on the second level. Three of the four commercial suites are currently leased. The project’s second building consists of a free-standing 2,623 square foot restaurant space, also currently available for lease.
Learn more about these three businesses located in Fremont Row via the links below.
If you have questions about this article or the spaces available for lease, please contact brokers Pat Kesgard, CCIM, Kerri Standerwick or Graham Dent at Compass Commercial Real Estate Services at 541.383.2444.