NAI Norris, Beggs & Simpson Associate Vice President Robert Black represented the seller.
The transaction had a 7.2 percent cap rate and was a market-rate deal, Black says.
The 7,318-square-foot project has ground-floor retail and five loft-style apartments above. It is home to Crema Bakery & Cafe, on the corner of SE 28th and Ankeny, whose space features roll-up garage doors. The other ground-floor retail tenant is Coalition Brewing, which is expected to open this year.
The retail and residential spaces have been fully occupied since the buildings were constructed in 2002, and the apartments garner market-leading rental rates, Black says. Just a block off of Burnside in a neighborhood with plenty of pedestrians, the project’s location promotes bicycle and bus use, and the buildings are energy efficient and sustainable.
The buyer was familiar with the Box & One, Black says, and the building’s strong occupancy, unique design and excellent location were appealing.
“Mixed-use, neighborhood-scale projects are popular investments today, especially in Portland,” Black says. “The Box & One has such strong fundamentals that it was a great opportunity for the buyer.”