Portland, OR – January 14, 2016 – CBRE is pleased to announce a sale of the Oregon Ballet Theatre Block located at 818 SE 6th Avenue, Portland, OR 97214. For the price tag of $6,250,000, the property was sold to an affiliate of Mill Creek Residential Trust.
Graham Taylor and Carrie Kahn, CBRE’s Capital Markets Multifamily Investment Properties team, exclusively marketed the property on behalf of the seller, Oregon Ballet Theatre.
Located in Portland’s popular Central Eastside, the 37,600 square feet Oregon Ballet Theatre Block is bounded by SE 6th and 7th Avenues, and SE Belmont and Morrison Streets.
The buyer plans to build approximately 200 Class A apartments with 11,000 square feet of ground floor retail and below grade parking. Preparations for demolition are underway. Excavation will start in January. The project is fully approved and permitted.
“This was a classic infill opportunity,” says Graham Taylor, First Vice President, CBRE Portland office. “Oregon Ballet Theatre (OBT) had outgrown their existing home, while Mill Creek saw all the benefits the emerging neighborhood has to offer new residents. OBT took the opportunity to right size their studio, support, and administrative spaces and will be more nimble as they plan for their future as one of America’s best ballet companies.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
Graham Taylor and Carrie Kahn, CBRE’s Capital Markets Multifamily Investment Properties team, exclusively marketed the property on behalf of the seller, Oregon Ballet Theatre.
Located in Portland’s popular Central Eastside, the 37,600 square feet Oregon Ballet Theatre Block is bounded by SE 6th and 7th Avenues, and SE Belmont and Morrison Streets.
The buyer plans to build approximately 200 Class A apartments with 11,000 square feet of ground floor retail and below grade parking. Preparations for demolition are underway. Excavation will start in January. The project is fully approved and permitted.
“This was a classic infill opportunity,” says Graham Taylor, First Vice President, CBRE Portland office. “Oregon Ballet Theatre (OBT) had outgrown their existing home, while Mill Creek saw all the benefits the emerging neighborhood has to offer new residents. OBT took the opportunity to right size their studio, support, and administrative spaces and will be more nimble as they plan for their future as one of America’s best ballet companies.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
