DES MOINES, IA - Principal Real Estate Investors, one of the largest institutional real estate managers in the United States, announces the acquisition of The Beverly from Bank of America. The Beverly is an 89,000-square-foot, class A mixed-use building in the heart of the Portland, Oregon’s Hollywood District.
Located at the corner of NE Sandy Boulevard and NE 43rd Avenue, the building was completed in 2009 and has earned Leadership in Energy and Environmental Design’s (LEED) silver certification status.
The five-story building includes 48,684 square feet of retail space, 43,113 of which are currently leased to Whole Foods. The remaining 40,402 square feet are made up of 53 fully-leased apartment units and two levels of parking.
“We’re pleased to add The Beverly to our portfolio,” said Morgan Deal, director – acquisitions/dispositions at Principal Real Estate Investors. “The property offers condominium-quality finishes in an infill location with strong demographics and access to mass transit.”
Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. The Beverly was developed by Gerding Edlen Development, who will manage the asset for Principal Real Estate Investors. N. Kirk Taylor, Ann Blume and Graham Taylor of CBRE's Portland office represented both seller and buyer in the sale.
Principal Real Estate Investors manages or subadvises $37.3 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group.
Source: Principal Real Estate Investors / #Mixed-Use