JLL, as exclusive advisor for the seller, is pleased to present the opportunity to lease or acquire the fee simple interest in Pine Street Market (or the “Property”) located at 126 SW 2nd Ave in Portland, Oregon. The fully renovated, 28,898 square foot mixed-use building features an award-winning ground floor food hall and two upper floors of move-in-ready creative office space available for tenants looking to relocate to a highly-amenitized, seismically upgraded building in an urban location. This opportunity also offers potential owner users the rare opportunity to acquire a recently improved, one-of-a-kind building with existing in-place income and lease-up potential.
Originally built in 1886 as a livery and horse-drawn storage facility, Pine Street Market underwent an extensive renovation in 2016 that featured a full seismic upgrade, updated MEP systems, new roof, new restroom and shower facilities, secured bike parking, and other improvements. The building’s timber-framed interior was carefully exposed to now feature high ceilings and authentic Douglas Fir beams, as well as a massive skylight that brings abundant natural light into the office space. Despite the heavy restoration, this historically designated building provides top-quality amenities while preserving its 19th Century character.
- Optionality for investors, owner users and tenants: Pine Street Market offers move-in-ready creative office spaces for small and medium-sized tenants looking to relocate to a highly-amenitized building with an unmatched urban location. The Property provides owner users the rare opportunity to acquire a historically designated, fully renovated building with existing in-place income and room for significant revenue growth.
- Recently renovated with excellent amenities: Originally built in 1886, Pine Street Market is a 3-story, historically designated, 28,898 square foot mixed-use building. In 2016, the Property underwent an extensive renovation that converted it into a top performing building while preserving its 19th Century aesthetic. The distinguished brick, timber, and masonry structure was improved and infused with modern structural upgrades and systems that rival newly constructed buildings.
- Full seismic retrofit
- New restrooms and shower facilities
- Interior skylight with abundant natural light
- Interconnected interior staircase
- Exposed beams and original brick walls
- Reserved, secure bike parking
- New HVAC and life safety systems
- Award-winning architecture and ambiance: Pine Street Market has been featured in 68 articles nationwide for its architectural design, distinctive ambiance, and culinary significance. Furthermore, The New York Times mentioned Pine Street Market when placing Portland among the “Top 50 Places to Go” and “Top 25 Places to Visit in the World“ rankings. This emblematic building has become a landmark locally and internationally, and has received the following awards for its design:
- Winner: 2016 Restore Oregon Art Demuro Award
- Winner: 2016 Commercial Association of Brokers’ retail development of the year
- Winner: 2017 Energy Trust of Oregon High Performance Building Award
- 3rd Place: 2017 Daily Journal of Commerce’s Oregon top projects renovation
- Prime central location with walkable amenities: Pine Street Market is strategically situated at the center of Portland’s CBD between the South Waterfront and Old Town, known for some of the city’s top attractions and nightlife destinations. The Property is just a short walk from Pioneer Square, commonly known as “Portland’s Living Room,” surrounded by high street retail options, diverse dining options, and immediate access to Portland’s world-class transit system.
- Favorable access: The Property is 0.6 miles away from Interstate-405 and 0.3 miles away from Interstate-5, the two primary arterials running through Portland. Located adjacent to the west terminus of the Burnside Bridge, Pine Street Market is easily accessible to the dense commercial and residential neighborhoods on the city’s Close-In Eastside. Additionally, the Property is within walking distance to the MAX Light Rail and TriMet bus lines that provide commuters with affordable and convenient mass transit to and from various residential neighborhoods across the metro area.