1820 E. Burnside Sold
Commercial Real Estate Success Story
The Property
The Whole 9 Yards is in an excellent location with numerous shops, restaurants and support service nearby. Its location at 1820 E. Burnside provides heavy exposure to traffic and CM2 zoning allows a wide range of uses.
The building features a fully remodeled showroom office space with multiple private offices, conference room, breakroom and two restrooms. The 7,560 square foot retail building offers a functional open floor plan, an abundance of natural light and beautiful exposed wood beams.
Background
The Buyer has been waiting for the right opportunity to purchase the building for several years. When the Whole 9 Yards came available, the Buyer was the first to tour the building and made a very compelling offer that included a Seller Lease Back accommodation.
Opportunities and Challenges
We were just getting to the appraisal when the pandemic brought everything to a grinding halt! The Buyer was utilizing an SBA loan and there was concern it could be derailed by lenders committed to providing PPP loans. With negotiations, we were able to allow extra time in the deal to allow for this.
Solution and Outcome
Through all the economic uncertainty, the Buyers continued to reiterate their commitment to owning their own building and end decades of leasing! They were willing and ready to push the lender to meet the necessary deadlines. In the end, the deal closed a few weeks from the original agreement but still weeks earlier than the extended deadline.
After the Sellers Leaseback expires, the Buyer expects to make a few modifications to the interior and move in before the end of the year.
This deal is proof deals are still going through and lenders are still providing loans despite the pandemic!
SVN Bluestone and Hockley Brokers (represented Buyer)
- Jim Wierson II: 503-459-4376
- Olesya Prokhorova: 503-459-4347