Newmark has successfully facilitated the sale of Block 1 of the Brewery Blocks, a boutique mixed-use property located in Portland’s Pearl District. The transaction was valued at $21 million and encompasses a total area of 134,097 square feet. The property features ground-floor retail space anchored by popular retailer Whole Foods Market, as well as a diverse mix of data centers, offices and private utility tenancies on its upper floors.
Leading the deal were Newmark Vice Chairmen Nick Kucha and Nick Bicardo, Senior Managing Director James Childress, Directors Jakob Nicholls and Kellen Kollmorgen,and Associate Director Cheyne Bloch who represented the seller – institutional investors advised by J.P. Morgan Asset Management . On behalf of Menlo Equities,the buyer was self-represented.
The Brewery Blocks are situated on five blocks that used to house Blitz-Weinhard Brewery before being transformed into an energetic neighborhood serving as the gateway to Portland’s Pearl District. Originally built in 1929 as a Chevrolet dealership,the property underwent redevelopment in 2002 to accommodate an eclectic mixof commercial tenants including shopping outlets,dining establishments,and entertainment options.
This recent sale highlights Newmark’s continued success in facilitating high-value transactions for their clients across various industries.The post-sale landscape is expected to bring new opportunities for both buyersand sellers alike within this vibrant community.Additionally,this acquisition further solidifies Menlo Equities’ presence within Portland’s thriving real estate market.
