Newmark Closes Sale of The Beverly in Portland’s Hollywood District

March 4, 2024 9:00 AM

Newmark announces the sale of The Beverly, a boutique mixed-use asset located in Portland’s Hollywood District. The property consists of 48,684 square feet of retail tenancy anchored by Whole Foods Market with 53 high-end residential units above. The asset sold for an undisclosed amount.

Newmark Vice Chairmen Nick Kucha and Nick Bicardo, Associate Director Jakob Nicholls, Senior Managing Director Robert Black and Managing Director Sam Lawhead represented the undisclosed seller. The buyer was represented by Tim Sotoodeh.

“The Beverly represented a generational opportunity to acquire a trophy mixed-use building with investment-grade tenancy and condo-quality residential units in one of Portland’s leading submarkets,” said Kucha.

Originally delivered as condominiums in 2009, the property offers unique exit flexibility and value-add upside through the modest renovation of the multifamily units which are significantly larger than the market’s average unit size.

“We received significant interest during the marketing process, a testament to the demand for high-quality assets in Portland’s top submarkets, which are demonstrating resilient fundamentals and superior liquidity,” added Nicholls.

As an epicenter of activity within the Hollywood District, The Beverly is situated minutes away from Providence’s Portland Medical Center, one of the Pacific Northwest’s leading regional hospitals and Oregon’s second largest employer. As a result, approximately 65% of the population within a mile of the property holds a bachelor’s degree or higher with annual household income exceeding $141,000.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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