Close-In Portland Redevelopment Site
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CLOSE-IN PORTLAND REDEVELOPMENT SITE KIDDER.COM VALUE-ADD & DEVELOPMENT INVESTMENT OFFERING | 1300 SE 2ND AVENUE | 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 REPRESENTED BY SCOTT MURPHY, SIOR GREG SKIPPER Senior Vice President Associate 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 Close-in Portland Property Redevelopment Site Industrial, Retail, or Office and Type Developable Land Address 1300 SE 2nd Avenue, Portland Building Size 14,732 SF EXECUTIVE Land Area 20,000 SF Occupancy Owner-Occupied SUMMARY Year Built 1948 Ceiling Height 14-30' Submarket Central Eastside some of the original redevelopment that shaped the neighborhood. The Zoning IG1 - General Industrial 1 building and site are strategically Development Opportunity Zone Kidder Mathews has been retained located in the Close-In SE sub- Potential to exclusively market for sale the market of Portland one of the 1300 SE 2nd Avenue property in tightest industrial, office and multi- Plan District CC – Central City family markets in the nation. Portland, OR. Comp Plan IS – Industrial Sanctuary Currently the industrial vacancy Bridge and quick access to I-5 North Urban Renewal Central Eastside rate is 3.0% in the close-in SE and South, I-84 East, and Portland Area THE OFFERING submarket and is experiencing International Airport 11 miles to The 20,000 SF site has 14,732 a fundamental change toward a the East. In addition, the Central Enterprise Zone East Portland Enterprise Zone usable SF warehouse buildings that multitude of creative business types. Eastside neighborhood offers Frontage on SE 3rd and SE Exposure are primed for redevelopment to The property is laid out in a way countless retail amenities including Main take advantage of the Opportunity that lends itself towards a variety restaurants, hotels, breweries, and Parcel Number R149956 Zone benefits. The property has of uses including makers, artisans, shopping. This area has transformed been Owner occupied for 50+ fabricators, designers, creative, into a top destination for employers PRICE $3,000,000 years. The site is located in the heart and manufacturers. The property seeking a central location with close of the established Central Eastside location offers excellent access to proximity to urban neighborhoods, Industrial District surrounded by Portland’s CBD via the Hawthorne density, and livability. 4 KIDDER MATHEWS OFFERING MEMORANDUM 1300 SE 2ND AVENUE 1300 SE 2ND AVENUE 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 With its proximity to the waterfront of Portland’s Central City along CENTRAL BUSINESS and downtown, the Central the east bank of the Willamette DISTRICT OLD TOWN/ Eastside is a focal point for the city’s River, which is zoned primarily CHINATOWN economic development strategy for industrial, industrial office and and its goals for urban innovation employment land uses. Historically Today, the CES houses more than in a close-in neighborhood core. businesses in the district consisted 1,100 businesses and 17,000 jobs. The site is located in the heart of primarily of industrial services, The district mixes industrial uses the established Central Eastside warehousing and distribution, and with creative businesses and is The area’s evolution as an attractive Industrial District, surrounded by manufacturing. Over the years, an emerging location of choice site for a variety of businesses can SOUTH some of the original redevelopment some of these businesses have for cross-industry exchange, from be attributed to its unique collection WATERFRONT that shaped the neighborhood begun to migrate to other areas film, digital and creative services of historic industrial buildings and overlooking OMSI. with larger development parcels to food and craft makers. While centralized location adjacent to and better access to the regional employment decreased in other Portland’s business core. The district WILLAMETTE Extensive public transit systems transportation network. Central City areas during the is considered a key employment RIVER makes the area accessible to economic downtown, this district center for the Central City, and HAWTHORNE BRIDGE OREGON employees and visitors, and the At the same time, the nature of flourished, in part due to a growing urban renewal efforts are focused on MORRISON BRIDGE CONVENTION Eastbank Esplanade is a favorite industry in the U.S. has expanded presence by Portland’s traded sector creating and maintaining jobs in the BURNSIDE BRIDGE BURNSIDE CENTER Portland recreation spot for cyclists as new technologies helped grow industries. Today the district boast area through business development and pedestrians to appreciate the knowledge- and industrial design- one of the highest employment and assistance and redevelopment OMSI river. focused firms. density centers the city has to offer. financing. SUBJECT PROPERTY PORTLAND STREETCAR LLOYD DISTRICT CENTRAL EASTSIDE BASE CAMP INDUSTRIAL DISTRICT BREWERY BUCKMAN FIELD PARK REVOLUTION HALL 6 KIDDER MATHEWS OFFERING MEMORANDUM 1300 SE 2ND AVENUE 1300 SE 2ND AVENUE OFFERING MEMORANDUM KIDDER MATHEWS 7 ZONING OVERLAYS OPPORTUNITY ZONE INDUSTRIAL OFFICE The Opportunity Zones program Industrial office uses are Examples of industrial office: offers three tax benefits for investing characterized by activities that, while software and internet content in low-income communities through conducted in an office-like setting, development and publishing; a qualified Opportunity Fundi: are more compatible with industrial computer systems design and activities, businesses and districts. programming; graphic and A temporary deferral of for at least 5 years and by an Their operation are less service- industrial design; engineers; inclusion in taxable income for SUBJECT oriented than traditional office uses additional 5% if held for at least PROPERTY architects; telecommunication capital gains reinvested in an 7 years, thereby excluding up and focus on the development, service providers; data processing; Opportunity Fund. The deferred testing, production, processing, to 15% of the original gain from television, video, radio, and internet gain must be recognized on the taxation. packaging or assembly of goods studios and broadcasting; scientific earlier of the date on which the and products, which may include and technical services; and medical opportunity zone investment is A permanent exclusion from digital products such as internet and dental labs. disposed of or December 31, taxable income of capital gains home pages, media content, 2026. from the sale or exchange of an design and specifications, computer Accessory uses may include investment in an Opportunity software, advertising materials cafeterias, health facilities, parking A step-up in basis for capital Fund if the investment is and others. They primarily provide or other amenities primarily for gains reinvested in an held for at least 10 years. This products to other businesses. They the use of employees in the firm Opportunity Fund. The basis exclusion only applies to gains do not require customers or clients or building. Accessory uses may is increased by 10% if the accrued after an investment in to visit the site; any such visits are also include food membership investment