BEND, OR – Bend’s industrial sector continues to tighten as Compass Commercial Real Estate Services announced the sale of 63257 Nels Anderson Road, the former home to Fuel Safe Systems and Chase Doors, to an investor. The transaction was valued at $650,000.
Compass Commercial brokers, Bruce Kemp, CCIM, Erich Schultz, SIOR, Darren Powderly, CCIM and Gardner Williams, SIOR represented NW Bend Real Estate Holdings Nels Anderson in the sale of the 36,600 square foot industrial property that has been part of Bend’s manufacturing history for over 30 years. Robert Raimondi, also with Compass Commercial, represented the buyer, TOBRON Oregon, LLC.
Williams noted that prior to the sale, the fate of the building was uncertain. Sabal Financial purchased the note on the building from Bank of the Cascades and subsequently foreclosed on the property.
“For the most part, the building sat vacant with a few month-to-month tenants,” noted Williams. “The property was large, old and in need of repairs. “
But with the sale of the property comes plans for a renovation.
“The buyer is an investor who plans to renovate the property and offer it up for lease to meet the growing demand for industrial space in Bend,” said Raimondi.
The latest issue of Compass Commercial’s market survey, Compass Points reports Bend’s citywide industrial vacancy to be at the lowest rate since the second quarter of 2007. Bend’s current industrial vacancy is at 8.99% — with 6% to 8% vacancy considered to be a healthy rate.
After renovation, the building will accommodate a wide variety of businesses with leasable suites ranging in size from 4,600 square feet to 36,000 square feet.
For information regarding this transaction contact Compass Commercial at 541.383.2444.