August 2020 Notable Commercial Transactions

by Lauren Evanson 16 September 2020in Transaction News

Compass Commercial Real Estate Services is pleased to announce notable commercial transactions closed by the firm in August 2020.

Broker Terry O’Neil, CCIM of Compass Commercial Real Estate Services represented the buyer, Big B, LLC, in the acquisition of 350 NE Addison Avenue in Bend. The 15,000 SF industrial building on 1.71 acres was purchased for $2,850,000.

Compass Commercial Real Estate Services brokers Ron Ross, CCIM and Terry O’Neil, CCIM represented both the seller, Spring Family Investments, and the buyer, Paiute Building, LLC, in the sale of 1052 SE Paiute Way in Bend. The 10,560 SF industrial building on 0.58 acres sold for $1,575,000.

Brokers Ron Ross, CCIM, Dan Kemp, CCIM, Pat Kesgard, CCIM and Kristie Schmitt of Compass Commercial Real Estate Services represented the buyer, Deschutes Public Library, in the purchase of 12.75 acres of commercial land located at 63405 NE Highway 20 in Bend for $1,350,000. The Library intends to build a new district-wide flagship library facility on the site.

Compass Commercial Real Estate Services broker Robert Raimondi, CCIM and broker Luke Ross of Compass Commercial Asset & Property Management represented the landlord, Sherman Road Property, LLC, in the lease of a 19,029 SF industrial suite located at 63028 Sherman Road in Bend.

Broker Joel Thomas, CCIM of Compass Commercial Real Estate Services represented the tenant, Seasonal Marketing Inc., in the lease of a 13,206 SF industrial suite located at 1090 NE 11^th Street in Redmond.

Compass Commercial Real Estate Services broker Howard Friedman, CCIM represented the seller, Robert Willis, in the disposition of a 1,050 SF restaurant located at 411 E Hood Avenue in Sisters. The property was sold for $350,000.

Brokers Ron Ross, CCIM and Dan Kemp, CCIM of Compass Commercial Real Estate Services represented the seller, City of Bend, in the sale of 24 NW Kansas Avenue in Bend. Broker Howard Friedman, CCIM of Compass Commercial Real Estate Services represented the buyer, Central Oregon Environmental Center. The 0.13-acre parcel was purchased for $339,720.

Compass Commercial Real Estate Services broker Robert Raimondi, CCIM represented the seller, Aero Facilities, LLC, in the disposition of a 3,600 SF hangar on 24 acres located at 63205 Gibson Air Road in Bend.

Brokers Ron Ross, CCIM and Terry O’Neil, CCIM of Compass Commercial Real Estate Services represented the landlord, Paiute Building, LLC, in the lease of a 7,927 SF industrial suite located at 1052 SE Paiute Way in Bend.

Compass Commercial Real Estate Services broker Russell Huntamer, CCIM represented both the landlord, CVSC, LLC, and the tenant, Board & Brush, in the lease of a 2,040 SF retail space located at 63455 N Highway 97 in Bend.

July 2020 Notable Commercial Transactions

by Lauren Evanson 20 August 2020in Transaction News

Compass Commercial Real Estate Services is pleased to announce notable commercial transactions closed by the firm during the month of July 2020.

Brokers Dan Kemp, CCIM, Pat Kesgard, CCIM and Kristie Schmitt of Compass Commercial Real Estate Services represented the seller, 27 Elm Partnership, in the sale of the 58-unit townhome project located on the corner of NW Elm Avenue and 27^th Street in Redmond. The 71,274 SF multifamily unit on 2.76 acres sold for $13,200,000.

Compass Commercial Real Estate Services brokers Pat Kesgard, CCIM and Kristie Schmitt represented the seller, Sawyer Commercial Park, in the disposition of 63025 OB Riley Road in Bend. Broker Graham Dent, Partner of Compass Commercial Real Estate Services represented the buyer, Sawyer Park, LLC. The 27,000 SF industrial building on 1.8 acres was purchased for $2,950,000.

Broker Howard Friedman, CCIM of Compass Commercial Real Estate Services represented the buyer, Central Oregon Regional Housing Authority, in the acquisition of 2790 NE Conners Avenue in Bend. Compass Commercial Real Estate Services broker Dan Kemp, CCIM represented the seller, Hallmark Inns & Resorts, Inc. The 2.62 acre parcel sold for $1,950,000.

Brokers Joel Thomas, CCIM and Adam Bledsoe of Compass Commercial Real Estate Services represented both the seller, Portland State University Foundation, and the buyer, Cornerstone Realty Holdings, LLC, in the sale of 701 NW Spruce Avenue in Redmond. The 10.05-acre parcel sold for $1,465,000.

Compass Commercial Real Estate Services brokers Russell Huntamer, CCIM and Terry O’Neil, CCIM represented both the tenant, Lucy’s Taco Shop, and the landlord, Robert & Joy Rudy Revocable Trust, in the lease of the 2,546 SF restaurant located at 916 NE 3^rd Street in Bend.

Compass Points Q2 2020 Market Report

by Compass Commercialon 22 July 2020in Compass Points Market Report

The Effects of COVID-19 on Commercial Real Estate:

It comes as no surprise COVID-19 has made an impact on the world. The last five months have changed dramatically for tenants and landlords alike. Brokers Howard Friedman, CCIM, Ron Ross, CCIM and Graham Dent, Partner take a look at how each market has been affected and what has stayed the same. Plus, get a sneak peek into the multifamily market.

Bend’s Office Market:

Compass Commercial surveyed 212 office buildings for the second quarter 2020 Bend report. The buildings in the sample totaled 2,658,027 square feet (SF). A negative net absorption of 29,175 SF was recorded during the quarter with a vacancy rate of 5.48%, up from 4.11% in Q1 2020. There is now 145,601 SF available for lease, up from 108,367 SF in Q1. Get the full report for a complete breakdown of the Bend office market.

Bend’s Retail Market:

Compass Commercial surveyed 259 retail buildings totaling nearly 4,519,289 square feet (SF) for the second quarter of 2020. The citywide vacancy rate rose slightly, from 3.01% at the end of Q1 2020 to 3.09% at the end of Q2. There is currently 139,843 SF of retail space available citywide, up from 135,866 SF in Q1. Get the full report for a complete breakdown of the Bend retail market.

Bend and Redmond Industrial Markets:

Compass Commercial surveyed 316 industrial buildings for the second quarter 2020 report, totaling 4,493,791 square feet (SF). The industrial market lost 12,277 SF of net negative absorption in Q2, and the vacancy rate rose from 3.27% in Q1 to 3.80% in Q2 2020. There is now 170,716 SF of industrial space available for lease in Bend, compared to 146,439 SF in Q1.

The Redmond Industrial market gained 10,225 square feet (SF) of positive net absorption in the second quarter of 2020 for a fourth straight gain in quarterly occupancy, with three new leases noted. The vacancy rate rose slightly however, from 1.7% to 2.1%, due to an additional 17,206 SF building on NE 11th Street being added to the survey. Out of Redmond’s industrial sector of 1,654,385 SF total leasable space, there is now just 35,384 SF available for lease.

To view the complete report, sign up to receive our quarterly publication at https://www.compasscommercial.com/POINTS or call (541) 383-2444.

Compass Points is a quarterly publication of Compass Commercial Real Estate Services offering comprehensive surveys of the Central Oregon commercial real estate market. The report provides a detailed look at quarterly vacancy and absorption data in office, retail and industrial product types throughout Bend’s primary submarkets, as well as the Redmond industrial market. Absorption data contained in the report pulls from samples of buildings over 3,000 sq. ft.

May 2020 Notable Commercial Transactions

by Compass Commercialon 11 June 2020in Transaction News

Compass Commercial Real Estate Services is pleased to announce notable commercial transactions closed by the firm during the month of May 2020.

Brokers Dan Kemp, CCIM and Adam Bledsoe of Compass Commercial Real Estate Services represented the buyer, 1533, LLC, in the acquisition of a 5,032 SF office building on 0.44 acre located at 20380 Halfway Road in Bend. The seller, 2TENNBRO, LLC, represented by Compass Commercial Real Estate Services brokers Jay Lyons, SIOR, CCIM, Howard Friedman, CCIM and Grant Schultz, sold the property for $1,262,000.

Principal broker Bruce Churchill of Compass Commercial Real Estate Services represented the seller, Basalt Number Five, LLC, in the disposition of 63575 Hunnell Road in Bend. The 2.15-acre parcel sold for $796,000.

Compass Commercial Real Estate Services brokers Howard Friedman, CCIM, Jay Lyons, SIOR, CCIM and Grant Schultz represented the landlord, Deschutes Ridge Business Park, LLC, in the lease of a 1,410 SF office suite located at 1005 SE Disk Drive in Bend.

Compass Commercial Real Estate Services broker Graham Dent represented the landlord, Floyd Lewis Real Estate, and the tenant, Style 8 Design, LLC, in the lease of a 6,050 SF industrial suite located at 126 NE Emerson Avenue in Bend.

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.

NEC of SW Bradbury Drive and SW Shevlin Hixon

April 2020 Notable Commercial Transactions

by Compass Commercialon 18 May 2020in Transaction News

Compass Commercial Real Estate Services is pleased to announce notable commercial transactions closed by the firm in April 2020.

Brokers Terry O’Neil, CCIM and Ron Ross, CCIM of Compass Commercial Real Estate Services represented the buyer in the purchase of the Country Club Professional Center in Eugene. The office complex consists of 5 buildings and 68,733 SF of office space on 4.63 acres. At the time of the sale the complex was 96% occupied with 36 tenants. The purchase price was $8,625,000.

Compass Commercial Real Estate Services brokers Jay Lyons, SIOR, CCIM and Grant Schultz represented the seller, Brooks Resources, in the disposition of 2.91-acres of commercial land located at the Northeast corner of SW Bradbury Drive and SW Shevlin Hixon Drive in Bend.

Compass Commercial Real Estate Services broker Ron Ross, CCIM represented the tenant, Grace Delight of Oregon, LLC, in the lease of 4.27-acres located at 3000 S Highway 97 in Redmond.

Brokers Pat Kesgard, CCIM and Kristie Schmitt of Compass Commercial Real Estate Services represented both the landlord and the tenant, National Guard of Oregon, in the lease of a 1,446 SF retail suite located 20205 Powers Road in Bend.

Compass Commercial Real Estate Services broker Joel Thomas, CCIM represented the buyers, Darren Hansen and Chris Ruder, in the acquisition of a 5,662 SF retail building on 0.13-acre located at 64689 Cook Avenue in Bend.

March 2020 Notable Commercial Transactions

by Compass Commercialon 23 April 2020in Transaction News

Compass Commercial Real Estate Services is pleased to announce notable commercial transactions closed by the firm in March 2020.

Brokers Pat Kesgard, CCIM, Peter May, CCIM and Kristie Schmitt of Compass Commercial Real Estate Services represented the seller, Overbay Development Company, LLC, in the disposition of the 67,720 sq. ft. retail center located at 1655 SW Odem Medo Road in Redmond, otherwise known as Wagner Square. Compass Commercial Real Estate Services brokers Russell Huntamer, CCIM, Stephen Toomey, CCIM, and Tom Standish represented the buyer, Dickerhoof Properties.

Compass Commercial Real Estate Services brokers Bruce Churchill and Dan Kemp, CCIM represented the landlord, Spencer Bros, LLC, in the lease of a 5,281 sq. ft. medical office at 3818 SW 21^st Place in Redmond.

Broker Dan Kemp, CCIM of Compass Commercial Real Estate Services represented both the buyer, Toney Properties, LLC, and the seller, Richard Carpenter Rev Living Trust, in the sale of Juniper Avenue and Canyon Drive in Redmond. Peter May, CCIM of Compass Commercial Real Estate Services also represented the seller. The 1.89 acres of commercial land sold for $650,000.

Compass Commercial Real Estate Services broker Joel Thomas, CCIM represented the tenant, Hand and Arm Therapy of Central Oregon, in the lease of a 3,036 sq. ft. office suite located at 2041 NE Williamson Court in Bend.

Joel Thomas, CCIM of Compass Commercial Real Estate Services represented the tenant, Picky Bars, LLC, in leasing a 3,939 square foot office and industrial suite located at 150 SW Scalehouse Loop in Bend. The facility will serve as the new corporate headquarters for Picky Bars.

Broker Peter May, CCIM of Compass Commercial Real Estate Services represented the landlord, John Oleary, in the lease of a 2,760 sq. ft. retail suite located at 828 NW Wall Street in Bend. Jay Lyons, SIOR, CCIM and Grant Schultz, Broker of Compass Commercial Real Estate Services, represented the tenant, Bend Luxury Real Estate Ventures.

Compass Commercial Real Estate Services brokers Bruce Churchill and Terry O’Neil, CCIM represented both the landlord, Malwood, LLC, and the tenant, MWD Management, LLC, in the lease renewal of a 5,445 sq. ft. medical space to Bend Dermatology located at 236 NW Kingwood Avenue in Redmond.

Broker Luke Ross of Compass Commercial Asset and Property Management represented the tenant, COPIA Wealth Management, in the lease of a 1,313 sq. ft. office suite located at 790 SW Industrial Way in Bend. Compass Commercial Real Estate Services brokers Joel Thomas, CCIM and Terry O’Neil, CCIM represented the landlord, RJ Johnson.

Compass Commercial Real Estate Services brokers Pat Kesgard, CCIM and Kristie Schmitt represented both the landlord, Lebeda Properties, LLC, and the tenant, Andreas Cabinetry, in the lease of a 3,920 sq. ft. industrial unit located at 20551 Builders Street in Bend.

Brokers Terry O’Neil, CCIM and Ron Ross, CCIM represented both the sellers, Jim and Leslie Olson, and the buyer, Specialty Engineering, Inc., in the acquisition of 1051 NW Layton Avenue in Prineville. The 1.69 acres of commercial land sold for $159,000.

Compass Points Q1 2020 Market Report

by Compass Commercialon 21 April 2020in Compass Points Market Report

Tenants, Landlords & COVID-19:

Covid-19 took the world by complete surprise. Partner and Broker Dan Kemp, CCIM breaks down the effects the virus has on businesses, landlords and tenants in Central Oregon and what you can do to help.