SKB paid $41 million for the portfolio at the end of 2002 andhas been enjoying significant cash flow from the assets, localbrokers tell GlobeSt.com. SKB executives declined to comment on theportfolio or the sale. The firm, which invests on behalf of severalhundred high-net-worth individuals, families and trusts, andincreasingly institutions as well, is reportedly raising equity fora new investment fund.

|

Commercial Defeasance LLC of Charlotte, NC, said Wednesday thatit facilitated a $63-million defeasance of three separate loans forSKB that enabled it to sell the portfolio. "It was complicated dueto the combined collateral structure and the required rating agencyapproval," said Commercial Defeasance deal manager AdamColeman.

|

The American Bank Building (164,600 sf) and Jackson Tower(51,575 sf), both listed on the National Register of HistoricPlaces, flank the north and south sides of Pioneer CourthouseSquare, a bricked full-block public space considered the heart ofDowntown Portland. The third stands a few blocks away at SW 3rdAvenue and Morrison Street.

|

All three properties include a mix of high quality retailtenants. The office tenants generally consist of attorneys,accountants, architects and engineers. The portfolio is 89% leased.The portfolio's retail space is 100% occupied, as is the officespace within the Jackson and Mohawk buildings. The American BankBuilding has 30,000 sf of availability.

|

LaeRoc executives could not immediately be reached Wednesdayafternoon for comment. "We're very bullish on the ground-floorretail in those buildings," SKB principal Robert Scanlan toldGlobeSt.com back in 2002, explaining that retail accounted for only17% of the buildings' space yet brought in 30% of its net operatingincome.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.