CBRE is pleased to announce the sale of the Sunshine Dairy building, which consists of a full city block, and two adjacent parcels in NE Portland. The transaction closed on February 12, 2019.
Charles Safley, Josh McDonald, Joe Nydahl and Phil Oester of CBRE’s Capital Markets team negotiated and arranged the sale on behalf of the seller, Karamanos Holdings, Inc. Portland based NBP Capital, LLC acquired the property for $8.1 million.
“This was an exciting transaction to be a part of,” said Charles Safley, First Vice President, CBRE. “The rapid growth of the immediate area brought a lot of investor interest to our front door. We received offers contemplating all sorts of business plans from owner/users to redevelopment to vertical development.”
Built in 1940, the 44,448-sq.ft. Sunshine Dairy building and adjacent parcels make up 1.2 acres located at 801, 915 and 959 NE 21st Avenue. The property was originally developed as a production facility for Sunshine Dairy and was vacated after the local dairy manufacturer and supplier ceased production operations in 2018. The property is zoned for commercial mixed-use, allowing for both residential and commercial development. The new ownership intends to demolish the existing structure and vertically develop a new mixed-use project.
“Our business plan will consider vertical development of the Sunshine Dairy site,” said Ryan Fiegelson, NBP Capital. “When we first saw this deal, we were initially drawn to the rapid transition and development of the immediately surrounding area. NBP Capital is excited to be a part of the area’s continued growth and long-term future.”
The property is ideally located along multiple transit lines in the Central Eastside, a rapidly developing neighborhood with a growing population of educated young professionals. The area features many of the city’s most popular bars and restaurants and is increasingly becoming an important jobs and employment center, having attracted several high-profile employers including Simple, Adidas, New Seasons and Autodesk.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
