Newmark Arranges Sale of Premier Urban Retail Asset in Portland, Oregon

November 8, 2024 12:00 PM

Newmark announces it has successfully arranged the sale of Block 3, a prime urban retail investment opportunity located in the vibrant Pearl District of Portland, Oregon. Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress, Directors Kellen Kollmorgen and Jakob Nicholls in cooperation with Vice Chairman Nick Bicardo and Associate Director Cheyne Bloch represented the undisclosed seller in the transaction.

Situated at the southern tip of the bustling Pearl District, Block 3 offers a unique mix of retail suites that cater to Portland's upscale consumer base. The property features well-known tenants such as Starbucks, Bluemercury, Athleta, and Reformation, and boasts a strategic location adjacent to The Henry Condominiums. This area is renowned for its dynamic urban revitalization, art galleries, trendy boutiques, and notable landmarks such as Powell's City of Books, enhancing its appeal to both locals and tourists.

"Block 3 represented a rare opportunity to invest in one of Portland's most sought-after neighborhoods," said Kucha. "The property's strong tenant mix and strategic location within the Brewery Blocks make it a valuable asset for the new owner."

Originally developed as part of the revitalization of the Blitz-Weinhard Brewery site, Block 3 stands out for its post-industrial charm and long-term operational history. The property, built in 2004, features a weighted average lease term of approximately 4.3 years, with a current occupancy rate of 87%, offering both stability and potential for increased net operating income through the lease-up of its vacant suite.

The Pearl District, known for its affluent demographic, continues to attract young professionals and high-income individuals, which further boosts the retail viability of Block 3. This urban area benefits from extensive public transportation options, including streetcar routes that enhance accessibility and draw significant foot traffic.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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