PORTLAND, OR-A stalled conversion of a seven-story warehouse complex here has been sold to California-based Orton Development Inc. for $6.25 million, and the new owner is looking to lease.
The property at 321 N.W. Glisan, was dubbed “Portland’s most problematic office development” by the Portland Business Journal which reported the story last week. The seller, an affiliate of Amalgamated Bank, foreclosed on the project after work stopped around five years ago.
The project was launched before the recession with plans to convert the property into class A office space, but it fell apart soon later when an anchor tenant retracted.
The new deal with Orton closed in December. Ben McInnis of Benco Commercial Real Estate brokered the sale, and plans to rep the property to prospective tenants. the Journal says.
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