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Whole Foods-Anchored Mixed Use in Portland Sells for $21M
Newmark has arranged the sale of Block 1 of the Brewery Blocks, a boutique mixed-use asset located in Portland’s Pearl District. The property sold for $21 million and totals 134,097 square feet. It consists of ground-floor retail anchored by Whole Foods Market and a mix of data center, office and private utility tenancy above.
Newmark Vice Chairmen Nick Kucha and Nick Bicardo, Senior Managing Director James Childress, Directors Jakob Nicholls and Kellen Kollmorgen and Associate Director Cheyne Bloch represented the seller, institutional investors advised by J.P. Morgan Asset Management. The buyer, Menlo Equities, was self-represented.
Situated on five blocks that used to be the premises of the Blitz-Weinhard Brewery, the Brewery Blocks have transformed into a lively neighborhood serving as the gateway to the Pearl District. Originally constructed in 1929 as a Chevrolet dealership, the property was redeveloped in 2002 to house a unique mix of commercial tenants, including shopping venues, restaurants and entertainment offerings.
