By Jon Bell
Portland Business Journal
Portland’s ScanlanKemperBard has added more than 86,000 square feet of Pearl District retail space to its property empire.
The company partnered with Artemis Real Estate Partners, an investment fund manager in Washington D.C., New York and Los Angeles, to purchase a nine-property, ground-floor retail portfolio from prolific Pearl District developer Hoyt Street Properties.
The price for the 86,445 square feet of property was not disclosed in a release announcing the deal. The property was 94 percent leased at the time the deal closed.
The retail properties span nine of Hoyt’s buildings, including Park Place, the Lexis, Bridgeport, the Streetcar Lofts, the Metropolitan, the Encore, Riverstone, Tanner Place and the Pinnacle.
“We went to Hoyt Street Properties with this proposed assemblage and are very excited to become one of the largest owners of Pearl District retail,” said SKB senior vice president John Olivier, in the release.
Todd Gooding, president of SKB, said the firm was attracted to the Pearl’s strong fundamentals, including its 7,000 residents and 12,000 employees. The tony neighborhood is also expected to add 4,600 multifamily units and 1.25 million square feet of office space in the next five years.
“Artemis is a big believer in the long-term fundamentals of Portland and is very excited to partner with SKB on our first transaction together,” said Artemis managing principal Rich Banjo. “The Pearl District retail assemblage will prove to be a tremendous addition to Artemis’s portfolio, and we look forward to adding more urban retail assets to this assemblage.”
Debbie Thomas Real Estate assisted with the transaction and will represent SKB in the leasing of the retail space.