Tuck Lung building makeover on hold

A proposal to remake a property with deep roots in Old Town Chinatown’s Chinese-American community has stalled after running into opposition from Portland’s Historic Landmarks Commission.

Guardian Real Estate Services aimed to reposition the Tuck Lung building, at 140 N.W. Fourth Ave. The developer purchased the building for $8.25 million in May from investor John Beardsley.

After receiving design advice from the Historic Landmarks Commission, Guardian President Tom Brenneke said it appears unlikely the commission would accept the project team’s proposed alterations. Now, the developer may give up on updating the existing building and wait until a larger one can be constructed on the property, he said.

“Our proposal was to improve the façade and install a new storefront,” he said. “We don’t feel we’re going to be successful to convince the Landmarks Commission to allow us to do that. We’re unsure of our path. It’s frustrating.”

Guardian Real Estate takes business to the Southeast ‘burbs

It’s official: some developers are setting up huge projects outside Portland’s city limits in other suburbs to avoid the Inclusionary Housing affordable residential unit requirement.
On Tuesday Sept. 12, a new large project being developed by Guardian Real Estate Services was approved by a 5-0 vote at the Milwaukie planning commission in the southeast suburb of Portland.
Plans include 110 units, 7,500 square-feet of retail space, 78 parking spaces for cars, a fitness facility and a club room for residents. The building will have 7,190 square-feet of retail and commercial space on the first floor and 110 multifamily dwelling units on the top four floors.

HFF Secures $47M OR Sale

The company represented Guardian Real Estate Services and Broadreach Capital Partners in the deal for the northeast Portland asset.

Portland, Ore.—HFF recently announced that it has secured the $47 million sale of The Ellington, a 263-unit apartment community in Portland, Ore.. Managing Director Ira Virden and Director Carrie Kahn led the company’s investment sales team.

Park Avenue West lands an iconic Oregon tenant

Downtown Portland’s sleek new Park Avenue West tower is going to be home to the flagship store of one of the state’s oldest and most iconic brands.
Pendleton Woolen Mills, the 153-year-old company renowned for its blankets, throws and apparel, has signed on for just over 3,000 square feet of retail space in the base of Park Avenue West. It will occupy the space in the southeast corner of the building across from Director Park and Nordstrom.

Yard sells for $126.68M

Yard, the darkly clad mixed-use tower completed earlier this year in Portland’s Central Eastside, has sold to a Thailand company for $126.68 million.
Approximately 50 percent of the building’s 284 residential units are occupied, according to the buyer, Land and Houses U.S.A. The company is a wholly owned American subsidiary of Land and Houses Public Company Limited of Bangkok, Thailand.
The sale equates to $446,056 per unit. The seller was Block 67, a limited liability company whose majority owner is Hood River-based Key Development, which developed the property. Marcus & Millichap’s Elizabeth Davis represented the seller.
“It’s a significant transaction for the Eastside,” she said.
The transaction occurred off-market.
“We are seeing that there’s an opportunity now for international and private capital to win some deals where before they were edged out by institutional buyers,” Davis said.
Skylab Architecture designed the 21-story building. Yard has drawn criticism for its dark appearance, which was changed after gaining approval from the Portland Design Commission.
Yard’s retail spaces were 64 percent leased at the time of sale. Tenants include Knot Springs, a social club and spa; and Tilt, a burger-centric restaurant and bar.
Key Development’s Jeff Pickhardt was not available for an interview, but in an email he stated that the project was leasing as expected – and even slightly ahead of schedule.
“We hadn’t planned to sell this soon after completion when we had started the project, but having received a compelling, unsolicited offer from Land and Houses, we reconsidered,” Pickhardt stated.
Yard, at 22 N.E. Second Ave., is part of a development renaissance at the east end of the Burnside Bridge. Other projects include Slate from Beam Development and Urban Development Partners, the Fair-Haired Dumbbell from Guerrilla Development and 5 MLK from Gerding Edlen.