Downtown Bend mixed-use building sold for $8 million
Compass Commercial Real Estate Services announced Monday the sale of the 50,000 +/- square-foot mixed-use property located at 1133 NW Wall Street, at the corner of Newport Avenue in downtown Bend, for $8 million.
Compass Commercial brokers, Ron Ross, CCIM, Erich Schultz, SIOR, Terry O’Neil, and Jay Lyons, CCIM negotiated the sale of the property on behalf of a San Francisco based investment group. The buyer was Ascend Holdings, Inc. out of Vancouver, Wash.
“The buyer has been recreating in Bend for many years and has always admired this property,” said Ross. “He is pleased to have had the opportunity to acquire it as it fits nicely with the rest of his portfolio holdings.”
The buyer plans to convert portions of the building’s second-floor office space to residential units and then hold the property for a long-term investment.
Anchored by Columbia State Bank and RBC Wealth Management, the property’s two buildings house a mix of residential, office, retail and restaurant space. The property was 86 percent occupied at the time of the sale.
The building’s design evoked some structures that stood in the Old Mill area. It was built on the site of the Pilot Butte Inn, which was torn down in 1973.
