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JLL, as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in the Mohawk Building and Galleries (the “Property”), an approximately 71,023 square foot, historic mixed-use asset prominently located in the heart of Downtown Portland. The Offering consists of two connected buildings – The Mohawk Building and the Galleries. The Mohawk Building is a four-story mixed-use office and retail property located on the Southeast corner of SW 3rd Avenue and Morrison Street, directly across the street from Pioneer Place Mall. The Galleries is located on the corner of SW Yamhill Street and 2nd Avenue. The Galleries space is linked to The Mohawk Building through a first-floor walkway. The Property offers a below grade parking garage that can serve approximately 92 stalls (1.90 / 1,000 SF)*.
The Property is conveniently located in Portland’s retail epicenter and is well-served by multiple transit options, making it a perfect choice for employers looking to
re-engage their workforce post-Covid while offering them the perks of a CBD experience. The Property benefits greatly from being blocks away from Portland’s Transit Mall and is bordered by the East and Westbound TriMet MAX Light Rail lines as well as the North and Southbound lines just two blocks West.
The Mohawk Building and Galleries presents a unique investment opportunity, specifically the ability to purchase a downtown asset with recently upgraded systems and solid, consistent in-place cash flow coupled with value-add upside at a notable basis and cap rate.
*Parking garage is leased to City Center Parking and therefore stalls are available through City Center Parking directly. Additionally, ratio of 1.9 per thousand calculation is reflective of office square footage only. Total parking count amounts to 72 stalls whereas 92 accounts for the garage’s stacking ability via valet.
- Solid In-Place Income with Value-Add Upside
- Substantial Parking Revenue in a High Traffic Area
- Transit Oriented Location
- Located in Downtown Portland’s Retail Epicenter
- Minimal Capital Requirements Due to Recent Renovations
- Opportunity Zone Investment
- Excess FAR
- Advantageous Assumable Financing