Compass Commercial President, Pat Kesgard, CCIM speaks with KBND’s Heather Roberts on the Morning News Interview. Looking at the Compass Points second quarter vacancy rates for Bend’s office, retail and industrial and Redmond’s industrial commercial real estate outlook.
BEND, ORE (October 13, 2014) – Compass Commercial Real Estate Services today announced that the mixed-use property located at 1133 NW Wall Street at the corner of Newport Avenue in downtown Bend is on the market. The asking price is $8,364,000.
Ron Ross, CCIM and Erich Schultz, SIOR are leading the Compass Commercial team representing the property.
The 52,534 square foot investment property includes two buildings that house a mix of residential, office, retail and restaurant space. The main building is anchored by Columbia Bank as a ground floor tenant along with restaurants Super Burrito and a new Café soon to open in the former Alpenglow space. The two top floors of main building contain 12 residential townhome units and the smaller of the two buildings is wholly leased by RBC Wealth Management. The entire property is currently 86% occupied.
The residential vacancy rate in Bend is at less than 1% and downtown living is at a premium, which Ross noted to be a key factor in the building’s ability to provide steady income for an owner.
BEND, ORE (October 13, 2014) – Compass Commercial Real Estate Services today announced that the mixed-use property located at 1133 NW Wall Street at the corner of Newport Avenue in downtown Bend is on the market. The asking price is $8,364,000. Ron Ross, CCIM and Erich Schultz, SIOR are leading the Compass Commercial team representing…
Old Mill Marketplace – 555 NW Arizona Avenue, Bend, OR
Old Mill Marketplace is a mixed-use retail and office building with 83,565 rentable square feet located in the burgeoning corridor between the Old Mill District and downtown Bend. The property, with its prime location and historic structure that once served as an old mill box factory was not without its challenges.
Investors from Portland purchased Old Mill Marketplace seeking an opportunity to capitalize on Bend’s recovering market and the property’s unique qualities including flexible spaces, great location, highway access and visibility.
With challenges that included a lack of tenant synergy, little to no marketing, incongruous parking, limited tenant signage and pedestrian access, among a long list of property maintenance issues, Compass Commercial presented the owners with a complete vision for the property.
The team recognized the potential for the project and focused on presenting a full range of possibilities to maximize the value of the property. Integrating resources from Compass Commercial’s brokerage, property management, construction services and marketing teams, the project proposal included a full-scale vision for property. The scope of services and marketing plan ranged from a base-case leasing plan, to improving the parking and targeting local tenants that would enhance the existing qualities of the center, on to drawing larger scale tenants appealing to a broader customer, and all the way to proposing a new building development, or a complete demolition and redevelopment of the property.
The Investors agreed to a smaller scale approach by focusing on improving the parking, making enhancements to landscaping and signage while working toward a broader vision, as the area experiences more growth and demand. Compass Commercial has focused on making smaller scale improvements to the property while securing new leases with Longboard Louie’s, Recharge and new anchor tenant, Immersion Brewing. The project continues to develop as the corridor evolves with new area developments and construction.
Compass Commercial Team:
Leasing Brokers: Russell Huntamer, Principal Broker, Jay Lyons, CCIM
Property Management: John Keba, CPM® ARM®, Krista Polvi, CPM®
Construction Services: Steve Hendley