Northmarq announces $6.3M sale of Portland multi-tenant retail property

PORTLAND, Ore. (May 7, 2024) — Northmarq’s Pacific Northwest Commercial Investment Sales team of Kevin Adatto, Sean Tufts and Joe Dugoni has completed the $6.3 million sale of Morrison Place, a 15,411-sq.-ft. multi-tenant retail property located in Portland, Ore. The 100% occupied strip center was built in 1955 and refurbished in 2018 and features six tenants, primarily restaurant and food service, medical and specialty retail.

Northmarq represented the seller, a well-established Portland-based developer group, and sourced California-based Koss Financial Corp group.

“This was the last in a series of recent successful sales on behalf of a long-term client,” said Adatto. “We began helping the seller consolidate their holdings over a year ago, with this multi-tenant retail property being the final piece. We were excited to source a West Coast buyer looking to diversify holdings and expand into the Northwest.”

Located in the trendy, highly walkable Buckman neighborhood, Morrison Place boasts strong demographics, drawing from a wide trade area along Morrison Street. The property offers a balance of tenants, one being Nostrana, a critically acclaimed Italian restaurant, which occupies nearly a third of the building. Additionally, Morrison Place features on-site parking and mixed-use zoning, providing long-term flexibility in an area with high barriers to entry for undeveloped land as well as zoning permits for multifamily, townhomes and mixed-use.