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PORTLAND-Owners of the Bridgetown development in Northwest Portland have found an unlikely tenant for a 39,000-sf office building that 800.com deserted about this time last year.

The internet electronics retailer left without fulfilling its lease obligations, so instead owners Tim Small, Al Solheim and Doug Campbell confiscated the cubicles, phone system, back-up generator, televisions and satellite dishes. They no doubt expected to use the booty as a bargaining chip to attract a new tenant to the building, but that’s not how it worked out, as the tenant they found was Childpeace Montessori.

The school for young children, currently located at 105 NW Park, signed a five-year lease for the entire building, which is located at 1516 NW Thurman and known as Bridgetown Phase II. Small tells GlobeSt.com that the school will complete its own tenant improvements over the next two months and has an option to acquire the building at the end of the term. Building ownership was represented by Brandon Frank, Eric Haskins and Dave Squire of Grubb & Ellis.

None of the parties involved would discuss the negotiated rental rate, but local brokers familiar with the deal tell GlobeSt.com the triple-net asking rate was $16 per sf per year and the ownership probably came down between 10% and 20% because no TI dollars were included in the deal, which includes an adjacent outdoor play area.

Bridgetown Phase III is a 20,000-sf building for which majority owner Solheim is seeking a pre-lease commitment before beginning renovations. Bridgetown Phase I is a 65,000-sf building that has already been renovated for office use. All three buildings were all Lutz Tire properties at one time.

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