A prominent office building in Portland is facing foreclosure as the downtown market continues to struggle. The J.K. Gill Building, located at 408 S.W. Fifth Avenue, will be auctioned off on November 13th according to a report by the Portland Business Journal.
The property was sold by Multnomah County in 2018 for $9.85 million to developer Urban Renaissance Group (URG) and private equity firm Gaw Capital who renamed it the J.K. Gill Building with plans for a 100,000 square foot office space.
In March of this year, URG defaulted on their $27 million loan from First Interstate Bank which was set to mature in December of 2022 and resulted in Multnomah County Circuit Court appointing J.Fanelli Properties as receiver for the building. However, First Interstate has now filed a notice of default and election to sell due immediately declaring approximately $22 million remaining debt.
This news comes amidst ongoing struggles within Portland’s real estate market but serves as an opportunity for potential buyers looking into commercial properties within this area.
