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Newmark Closes Sale of The Beverly in Portland’s Hollywood District
Newmark closed the sale of The Beverly, a boutique mixed-use asset located in Portland’s Hollywood District. The property consists of 48,684 square feet of retail tenancy anchored by Whole Foods Market with 53 high-end residential units above. The asset sold for an undisclosed amount.
Newmark Vice Chairmen Nick Kucha and Nick Bicardo, Associate Director Jakob Nicholls, Senior Managing Director Robert Black and Managing Director Sam Lawhead represented the undisclosed seller. The buyer was represented by Tim Sotoodeh.
“The Beverly represented a generational opportunity to acquire a trophy mixed-use building with investment-grade tenancy and condo-quality residential units in one of Portland’s leading submarkets,” said Kucha.
Originally delivered as condominiums in 2009, the property offers unique exit flexibility and value-add upside through the modest renovation of the multifamily units which are significantly larger than the market’s average unit size. The Beverly is situated minutes away from Providence’s Portland Medical Center, one of the Pacific Northwest’s leading regional hospitals and Oregon’s second-largest employer.
Photo courtesy of Red Studio LLC
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