The first-story, commercial portion of Putnam Pointe, the affordable-housing apartment and condominium project in downtown Bend, is for sale.
At nearly 8,300 square feet, the property comes with four tenants and a central location at Lava Road and NW Oregon Avenue. The asking price is $2.7 million.
“We love it down here,” said Tracy Wright, a broker with Latitude 44° Realty, a tenant. “We’re right in the heart of everything.”
Commercial property for sale in downtown Bend is relatively hard to come by. A search on LoopNet, an online site for commercial real estate listings, found five between NW Lafayette and NW Georgia avenues, the Bend Parkway and the Deschutes River. The second largest property available, the 4,150-square-foot former Johnson Brothers TV & Appliance store, at 1190 NW Wall St., is listed by The Lowes Group at $950,000.
Bill Pon, a broker with Re/Max Key Properties, of Bend, listed a sixth property, 726 NW Wall St., on Wednesday, he said. It’s the home of Wall Street Family Practice. The owner, a joint trust that includes the tenant, Dr. Stephen Knapp, is asking $995,000 for the 2,979 square-foot building, Pon said. He said Knapp is retiring.
“It’s right by city hall just off Franklin (Avenue),” Pon said. “My opinion is that the downtown commercial market is one of the more stable markets within the commercial field in Bend. Lease rates are doing very well, so owners rarely sell the properties.”
The Putnam Pointe commercial property belongs to Housing Works, the public housing authority for Central Oregon. In addition to the real estate office, the tenants include Studio DeVine Beauty Boutique; Jackalope Grill; and the Bend Visitor Center, which is the home of Visit Bend, the city’s tourism promotion agency.
The three stories above the street-level commercial units are filled with 33 affordable-housing apartments; the fifth floor holds 10 condominiums.
Housing Works rents the apartments to qualified tenants who earn less than 60 percent of the median area income; one condo is leased to tenants who earn 80 percent or less of median income, said Tom Kemper, Housing Works executive director. The housing authority manages the residential property for an investment partner, Enterprise Community Partners, a Columbia, Maryland, firm that specializes in affordable housing projects and has a majority stake, Kemper said.
Federal Low Income Housing Tax Credits helped pay for construction of the apartments; Housing Works obtained construction loans for the retail and condo spaces, according to The Bulletin archives.
Howard Friedman, the listing agent and a broker with Compass Commercial Real Estate Services, said Wednesday that interest in the property is high, and he expects an offer soon. The space has been listed about three months; its price was recently reduced by $200,000.
Kemper said proceeds from the sale would benefit improvement projects at other Housing Works properties and pay down debt.
— Reporter: 541-617-7815, firstname.lastname@example.org
Source: BB Real Estate – topStory