East Side Plating Building
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EAST SIDE PLATING BUILDING EAST SIDE PLATING BUILDING KIDDER.COM VALUE-ADD & DEVELOPMENT OFFERING | 310 SE STEPHENS STREET | PORTLAND, OR TABLE OF 01 EXECUTIVE SUMMARY The Offering CONTENTS Neighborhood Description Zoning Overlays 02 AREA DEVELOPMENTS Nearby Commercial & Multifamily Development Area Transit Area Retail EXCLUSIVELY LISTED BY SCOTT MURPHY, SIOR GREG SKIPPER 503.221.2287 503.721.2720 [email protected] [email protected] KIDDER.COM The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. PROPERTY OVERVIEW Property East Side Floating Building Industrial, Retail, or Office Type and Developable Land 310 SE Stephens Street, Address Portland Building Size 28,834 SF INVESTMENT Land Area 26,550 SF Occupancy Owner-Occupied SUMMARY Year Built 1912-1950's Ceiling Height 14-20 FAR / Height Limit None on SE Martin Luther King Blvd and is strategically located in the Close- Submarket Central Eastside SUBJECT In SE sub-market of Portland, one PROPERTY Kidder Mathews has been retained of the tightest industrial, office and Zoning IG1 – General Industrial 1 to exclusively market for sale the multi-family markets in the nation. Plan District CC – Central City 310 SE Stephens Street Building Currently, the industrial vacancy rate in Portland, OR. Comp Plan IS – Industrial Sanctuary is 3.0% in the close-in SE sub-market Urban Renewal and is experiencing a fundamental quick access to I-5 North and Central Eastside change toward a variety of creative South, I-84 East and the Portland Area THE OFFERING uses. The property is laid out in a International Airport just 11 miles Enterprise Zone East Portland Enterprise Zone The 28,834 usable SF warehouse way that lends itself towards a variety to the East. In addition, the Central Excellent with frontage building the Owner occupied of uses including makers, artisans, Eastside neighborhood offers Exposure on SE MLK for 50+ years. The site is located fabricators, designers, creative, countless retail amenities including in the heart of the established and manufacturers. The property restaurants, hotels, breweries, and Parcel Number R275799 Central Eastside Industrial District, location offers excellent access to shopping. This area has transformed $5,100,000 ($176.87/SF) REDUCED PRICE surrounded by some of the original the south waterfront via the public into a top destination for employers $4,600,000 ($159.34/SF) redevelopment that shaped the transportation and pedestrian only, seeking a central location with close neighborhood. The site offers Tilikum bridge, Portland’s CBD via proximity to urban neighborhoods, excellent exposure and frontage the Hawthorne bridge and provides density, and livability. 4 KIDDER MATHEWS OFFERING MEMORANDUM EAST SIDE PLATING BUILDING EAST SIDE PLATING BUILDING OFFERING MEMORANDUM KIDDER MATHEWS 5 GOOSE HOLLOW NW DISTRICT PEARL DISTRICT NEIGHBORHOOD DESCRIPTION The Central Eastside Urban Renewal Area is a 708.5 acre subdistrict of Portland’s Central City along the east bank of the Willamette River, which is zoned primarily for industrial, industrial office and employment land and creative services to food and craft makers. While CENTRAL employment decreased in other Central City areas BUSINESS uses. Historically businesses in the district consisted DISTRICT OLD TOWN/ primarily of industrial services, warehousing and during the economic downtown, this district flourished, CHINATOWN With its proximity to the waterfront and downtown, distribution, and manufacturing. Over the years, some in part due to a growing presence by Portland’s traded the Central Eastside is a focal point for the city’s of these businesses have begun to migrate to other sector industries. Today the district boast one of the economic development strategy and its goals for areas with larger development parcels and better highest employment and density centers the city has urban innovation in a close-in neighborhood core. access to the regional transportation network. to offer. The site is located in the heart of the established Central SOUTH Eastside Industrial District, surrounded by some of the At the same time, the nature of industry in the U.S. The area’s evolution as an attractive site for a variety of WATERFRONT original redevelopment that shaped the neighborhood has expanded as new technologies helped grow businesses can be attributed to its unique collection overlooking OMSI. knowledge- and industrial design-focused firms. of historic industrial buildings and centralized location adjacent to Portland’s business core. The district is WILLAMETTE Extensive public transit systems makes the area Today, the CES houses more than 1,100 businesses considered a key employment center for the Central RIVER accessible to employees and visitors, and the Eastbank and 17,000 jobs. The district mixes industrial uses with City, and urban renewal efforts are focused on creating Esplanade is a favorite Portland recreation spot for creative businesses and is an emerging location of and maintaining jobs in the area through business HAWTHORNE BRIDGE MORRISON BRIDGE OREGON cyclists and pedestrians to appreciate the river. choice for cross-industry exchange, from film, digital development assistance and redevelopment financing. BURNSIDE BRIDGE BURNSIDE CONVENTION CENTER OMSI SUBJECT PROPERTY PORTLAND STREETCAR LLOYD CENTRAL EASTSIDE DISTRICT INDUSTRIAL DISTRICT BASE CAMP BREWERY BUCKMAN FIELD PARK REVOLUTION HALL 6 KIDDER MATHEWS OFFERING MEMORANDUM EAST SIDE PLATING BUILDING EAST SIDE PLATING BUILDING OFFERING MEMORANDUM KIDDER MATHEWS 7 ZONING OVERLAYS INDUSTRIAL OFFICE Industrial office uses are characterized by activities that, while conducted in an office-like setting, are more compatible with industrial activities, businesses and districts. Their operation are less service-oriented than traditional office uses and focus on the development, testing, production, processing, packaging or assembly of goods and products, which may include digital products such as internet home pages, media content, SUBJECT design and specifications, computer software, PROPERTY advertising materials and others. They primarily provide products to other businesses. They do not require customers or clients to visit the site; any such visits are infrequent and incidental. Examples of industrial office: software and internet content development and publishing; computer systems design and programming; graphic and industrial design; engineers; architects; telecommunication service providers; data processing; television, video, radio, and internet studios and broadcasting; scientific and technical services; and medical and dental labs. Accessory uses may include cafeterias, health facilities, parking or other amenities primarily for the use of employees in the firm or building. Accessory uses may also include food membership distribution. 8 KIDDER MATHEWS OFFERING MEMORANDUM EAST SIDE PLATING BUILDING EAST SIDE PLATING BUILDING OFFERING MEMORANDUM KIDDER MATHEWS 9 SUBJECT PROPERTY 10 KIDDER MATHEWS OFFERING MEMORANDUM EAST SIDE PLATING BUILDING EAST SIDE PLATING BUILDING OFFERING MEMORANDUM KIDDER MATHEWS 11 FLOOR PLAN AREA DEVELOPMENTS WAREHOUSE STRUCTURE NEARBY DEVELOPMENT AND USES E BURNSIDE ST OREGON SQUARE TOWNE STORAGE FAIR-HAIRED DUMBBELL 525 SE MLK BLVD SE MORRISON ST 7 SE STARK ST 514 SE BELMONT ST SE 20TH AVE CLAY CREATIVE SE GRAND AVE NE MLK BLVD NE MLK ODOT BLOCKS SE 12TH AVE SE HAWTHORNE BLVD THE GLASS LAB SUBJECT PROPERTY 12 KIDDER MATHEWS OFFERING MEMORANDUM APARTMENTEAST SIDE PLATING BUILDING BUILDING EAST SIDEAPARTMENT PLATING BUILDING OFFERING MEMORANDUM