Newmark recently completed the sale of The Beverly, a boutique mixed-use property located in Portland’s Hollywood District. This highly sought-after asset features 48,684 square feet of retail space anchored by Whole Foods Market and 53 upscale residential units. The exact sale price has not been disclosed.
The undisclosed seller was represented by Newmark Vice Chairmen Nick Kucha and Nick Bicardo, Associate Director Jakob Nicholls, Senior Managing Director Robert Black, and Managing Director Sam Lawhead. Tim Sotoodeh represented the buyer.
According to Kucha, “The Beverly presented an exceptional opportunity to acquire a premier mixed-use building with top-tier tenants and luxury residential units in one of Portland’s most desirable submarkets.”
Originally constructed as condominiums in 2009, this property offers potential for both immediate returns on investment as well as long-term value through renovations to its spacious multifamily units – which are larger than the average unit size in the market. Additionally,the location is ideal for residents working at Providence’s Portland Medical Center – one of Oregon’s largest employers and a leading regional hospital within the Pacific Northwest.
This recent transaction marks another successful deal for Newmark without mentioning any specific brands or companies involved.
