Bottom feeders alert
If I were a trust fund baby with cash to invest and a long, long time to wait on a fabulous return, it might be getting to be time to take a look at downtown Portland commercial real estate. It's tanking, for sure, but you want to get in at the bottom, because it will come back. Someday.
This week the J.K. Gill Building is reported as up for foreclosure sale, joining a long list of similar properties that have undergone similar indignities, or been sold at fire sale prices, over the last year or two. Unfortunately for the Gill, it's on the transit mall right around the corner from that hideous Menashe property that was the open-air fentanyl market for so long. There's some serious stigma associated with that whole block.
The Gill was sold by Multnomah County for nearly $10 million five years ago. First Interstate Bank lent $27 million to fix it up, only $5 million of which has been repaid. Feeling lucky? Go for it.
Many decades ago I got good advice from a successful investment banker.
ReplyDelete“ Never be the first to get on the sure thing band wagon “
Why it's almost as if it's been orchestrated!!!
ReplyDeleteIt's not the bottom yet. Obviously, the trajectory remains in decline. The city is weak, floundering & can't even get their employees to return full time and open the permit center. That was a busy interface with the public and business. Now it's nothing but idle space with a lobby guard and receptionist informing visitors they can only drop off stuff.
ReplyDeleteAll of that last chapter of graffiti removal has been replaced with fresh vandalism.
Among other elements of continued degradation.