Portland, OR – May 25, 2016 – CBRE is pleased to announce the sale of Vaughn Street Portfolio for $8,750,000.
Cara Nolan and Sydney Bowman, CBRE’s Portland sales professionals represented the seller, Vaughn Street Investments LLC, in this transaction. The buyer, Security Public Storage – Portland LLC, was self-represented.
Located at 2012 & 2050 NW Vaughn Street, the 53,956 square-foot industrial portfolio is comprised of two buildings—25,500 and 28,456 square feet on approximately 1.73 acres. The final sale price was representative of a land value of over $116 per square foot.
“The Close-in Northwest location, just blocks from the large Conway mixed-use redevelopment, as well as the increasing demand for self-storage that has been spurred on by new development and higher densities in the Urban Core have made this property very attractive to the buyer,” said Cara Nolan, CBRE’s Portland Vice President. “The zoning flexibility on the site due to its location just outside the Guild’s Lake Industrial Sanctuary resulted in multiple offers – all from buyers interested in renovation or redevelopment of the site. After a ‘best and final’ round of negotiations, the Buyer was chosen and the property went under contract.”
“Security Public Storage is excited to enter the Portland market and will be actively looking at other opportunities to increase our footprint in the area. We are pleased and impressed with CBRE and Cara Nolan in particular in her ability to work through the challenges of this transaction in a professional and efficient way,” said Michael Eisler of Security Public Storage.
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 2015 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.