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Portland’s landmark Montgomery Park office building returned to lender after foreclosure auction
The landmark Montgomery Park building in Northwest Portland changed hands for a $37.7 million credit bid Wednesday in a foreclosure auction.
In 2019, it sold for $255 million.
The bargain price points to the woeful state of Portland’s commercial real estate market. Not a single outside bidder submitted an offer Wednesday to buy the hulking office building in Northwest Portland. As a result, it will go to the lender, New York-based Natixis.
“The commercial real estate market is suffering,” said Craig Russillo, the Portland attorney who served as trustee and ran the auction. “If values are down, occupancies are down and interest rates are up, that doesn’t bode well.”
https://www.oregonlive.com/business/...ent-price.html
https://twitter.com/TripleNetInvest/status/1758294985122963844
Portland’s landmark Montgomery Park office building returned to lender after foreclosure auction
The landmark Montgomery Park building in Northwest Portland changed hands for a $37.7 million credit bid Wednesday in a foreclosure auction.
In 2019, it sold for $255 million.
The bargain price points to the woeful state of Portland’s commercial real estate market. Not a single outside bidder submitted an offer Wednesday to buy the hulking office building in Northwest Portland. As a result, it will go to the lender, New York-based Natixis.
“The commercial real estate market is suffering,” said Craig Russillo, the Portland attorney who served as trustee and ran the auction. “If values are down, occupancies are down and interest rates are up, that doesn’t bode well.”
https://www.oregonlive.com/business/...ent-price.html
https://twitter.com/TripleNetInvest/status/1758294985122963844
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