RECORD-SETTING PRICE PSF

Jan 23

Written By Jessa Smith

The Deal Story

Name: Holland Plaza

Building rentable SF: 19,224

Land SF: 118,047

Sold Price: $9,500,000

Close Date: 12.29.2022

Commercial Integrity NW brought this asset to the market in the Spring of 2021 and facilitated 10 offers from an array of buyers including local, national, and institutional developers. In one of the most uncertain economies and markets for development we have ever experienced, Commercial Integrity NW set a new record high price point per Square Foot for land for Beaverton, OR.

One specific goal we met for our client was the seller required a sale date by end of 2022 and CI Advisor, Brad Macomber, brought the deal across the finish line before the New Year. Closing just in time for the seller's deadline on 12.29.2022.

Almost 3 acres sat in the heart of downtown Beaverton being underutilized and 10 years ago a plan was set to ultimately sell the shopping center to a developer. When the timing was right we brought this out to market. During 2022 the interest rates began climbing causing concern for all parties involved but ultimately, we were able to close the deal within the acceptable window, under great terms, and it was a win-win for both parties.