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.