The property sold for 99% of its list price, according tosources close to the deal. Based on income from the existingtenant, the purchase price represented an 8.1% capitalization rate.Information was not immediately available on the remainder of thelease term.
The seller was the Mitchel-Kocken Trust of Portland. The buyerwas Rudi DeGrinis of Thousand Oaks, CA. The seller was representedby David Guido and Sanford Burstyn. Sean Mack of Marcus &Millichap represented the buyer.
A couple of small Portland apartment sales also were brokeredthis month by Marcus & Millichap. Brokers Denise Tritcakbrokered both sides of the $525,000 sale of The Inverness at 131 SE24th and The Apollo at 1811-1829 SE Stark St. Both were sold byindividual investors to individual investors.
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