Newmark Closes $21 Million Sale of Block 1 of the Brewery Blocks in Portland’s Pearl District

Photo Credit to Red Studio Inc.

August 7, 2024 12:00 PM

Newmark announces the sale of Block 1 of the Brewery Blocks, a boutique mixed-use asset located in Portland’s Pearl District. The property sold for $21 million and totals 134,097 square feet, consisting of ground floor retail anchored by Whole Foods Market with a mix of data center, office and private utility tenancy above.

Newmark Vice Chairmen Nick Kucha and Nick Bicardo, Senior Managing Director James Childress, Directors Jakob Nicholls and Kellen Kollmorgen and Associate Director Cheyne Bloch represented the seller, institutional investors advised by J.P. Morgan Asset Management. The buyer, Menlo Equities, was self-represented.

“The disposition of this highly complex and unique asset required strategic and adaptive expertise,” said Kucha. “We find tremendous pride in our continued ability to find liquidity for mixed-use commercial assets during this evolving market.”

Situated on five blocks that used to be the premises of the Blitz-Weinhard Brewery, the Brewery Blocks have transformed into a lively neighborhood serving as the gateway to the Pearl District. Originally constructed in 1929 as a Chevrolet dealership, the property was redeveloped in 2002 to house a unique mix of commercial tenants, including shopping venues, restaurants and entertainment offerings.

“Block 1 presented a generational opportunity to acquire a physically robust mixed-use asset in The Brewery Blocks, one of Portland’s most sought-after master-planned neighborhoods for both residents and companies alike,” added Nicholls. “This property offered new ownership unique flexibility in its future business plans with impressive physical, mechanical and electrical infrastructure, catering to a wide variety of tenants.”

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 ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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