PORTLAND, OR-Gerding Edlen Development has sold the remaining pieces of its diversified, LEED-certified commercial portfolio here known as the Brewery Blocks. The five-block development at East Burnside and Northwest 11th Avenue sits on this city’s streetcar line and connects the Downtown core to the Pearl District, a former warehouse district now lined with mid-rise office and residential buildings anchored by popular retailers. Much of it happened while the Brewery Blocks were being redeveloped.

When Gerding Edlen brought the three blocks it still owned to market in May, local real estate experts priced the package at between $250 million and $300 million. JPMorgan Asset Management, which invests on behalf of pension funds and others, came in at the top of that range to land the portfolio. There were reportedly 17 other bidders. The capitalization rate on the deal is in the low 5% range, local sources tell GlobeSt.com.

“I have mixed reactions (to the sale); I lived and breathed this thing for seven years,” Gerding Edlen principal Mark Edlen tells GlobeSt.com. “On one hand I hate to see it go; I truly did love it. On the other hand we have an obligation to our investors, and it was certainly a stellar return.”

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