Office building in Southeast Portland sells for $5.3 million
Paul R. Pierce and Joanne Fuller recently completed the sale of an approximately 19,667 square-foot industrial office building at 1700 S.E. 11th Ave. in Portland. The sale price at closing was $5,348,000.
The property consists of a half city block, which contains a 19,667 square-foot two-story building and a 10,000 square-foot surface parking lot providing 30 spaces. At the time of sale, the property was 100% occupied by three tenants. The anchor tenant, Cinco Design, is a Portland-based creative agency and design firm. Sierra Construction, a general contractor and management company based in Woodinville, Washington, is the second major tenant. As a condition of the sale, the seller leased-back the remainder of the property as the third tenant.
Raymond Duchek and Thomas McDowell with Portland-based Norris & Stevens, Inc. represented the seller, Pierce and Fuller, and a confidential buyer in the transaction.
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