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PORTLAND-Two local developers have partnered with an anonymous equity partner to acquire the five-story, 38,000-sf Mekka Building at 1017 SW Washington St. in downtown Portland. The acquisition price was $2.5 million.

The buyer is 10 Washington LLC, the best known partner of which is Thomas Kemper, most recently the head of affordable housing developer LNR Property Corp., but also the Kemper in Scanlan Kemper Bard Cos. Kemper’s partner in the deal is Peter Perrin.

The duo, working with a silent equity partner, is spending $3 million to gut and renovate the structure. The class C building will be ready for occupancy in February 2002. Office lease rates will be around $16/sf on a net basis.

The ground-floor retail tenants, including Future Shop and Echo Audio, will remain open during renovations. Rates for the retail space are around $21/sf on a net basis.

Mark Ierulli of Doug Bean & Assoc. represented the buyer. Doug Bean & Assoc. also holds the leasing assignment for the building. Darren Duke of Colliers International represented the seller, Adam Patel, who owns the entire block of buildings on which Mekka sits, including the 96-unit Clyde Hotel, which is undergoing a $4 million restoration.

Patel also recently began marketing for sale a 20,000-sf building at 415 S.W. 10th Ave. The asking price is $1.8 million.

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