Retail Building Trades for $1.41 Mil

FOREST GROVE, OR-A retail building here leased by Schuck’s Auto Supply traded hands earlier this month for $1.41 million. The 6,000-sf building is located at 2109 Yew St.

The property sold for 99% of its list price, according to sources close to the deal. Based on income from the existing tenant, the purchase price represented an 8.1% capitalization rate. Information was not immediately available on the remainder of the lease term.

The seller was the Mitchel-Kocken Trust of Portland. The buyer was Rudi DeGrinis of Thousand Oaks, CA. The seller was represented by David Guido and Sanford Burstyn. Sean Mack of Marcus & Millichap represented the buyer.

A couple of small Portland apartment sales also were brokered this month by Marcus & Millichap. Brokers Denise Tritcak brokered both sides of the $525,000 sale of The Inverness at 131 SE 24th and The Apollo at 1811-1829 SE Stark St. Both were sold by individual investors to individual investors.