Louis Dreyfus purchased the 31-year-old building in August of1998 for $9.5 million, or $73 per sf. In 2000, the company added afloor to the structure, replaced the HVAC, replaced the aluminumexterior and generally refurbished and re-tenanted the building,which is 98% occupied with lease expirations generallythree-to-five years out. Full service asking rents in the buildingare $19- to $21 per sf.

Don Rasmussen, owner of the Mercedes dealership on the groundfloor of the building, signed a new 15-year lease this past summer."After being his customer for years, now he's a customer of ours,"quips Harsch Investment President Jordan Schnitzer, who spoke withGlobeSt.com about the deal. Other large tenants include CollinsPine Co., Western Medical Consultants, Compensation SystemsNorthwest, and Massachusetts Mutual.

Located off Market Street at 1618 Southwest First Ave., RivieraPlaza is at the south end of Downtown, near the Willamette River.Ron Beltz, Louis Dreyfus' top dog in Portland couldn't immediatelybe reached for comment Tuesday on exactly how much was spentupgrading the asset, why the company decided to sell the buildingat this time and what kind of interest it attracted.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.