Partnership Buys Portland, Oregon, Industrial Complex
According to company officials, The property was acquired for $6.3 million, or $136 PSF; SKB, Tryba and Lorentz Bruun will invest another $8.9 million in renovations for a total project cost of $15.2 million.
Originally the home of Morehouse Glass, the property is 1960s vintage concrete construction with 20' high ceilings, original glulam beams and concrete floors. Planned renovations will maintain the property's authentic character while adding a modern yet gritty aesthetic, designed to cater to creative craft manufacturing, advanced manufacturing and office users requiring 2,500–5,000 SF suites.
Located in the heart of the Innovation Quadrant, the project will be rebranded as "The Glass Lab" to pay homage to the building's historic use as a glass factory.
The project will also benefit from its location within Prosper Portland's Enterprise Zone and E-commerce overlay, which will provide meaningful financial incentives to tenants willing to adopt practices that promote community, equity and education, company officials said.
Given these financial incentives, and the project's proximity to OMSI and Portland Community College's Climb Center, SKB anticipates attracting tenants that see the significant long-term benefit in socially responsible business practices, particularly those that support community-oriented educational opportunities in Science, Technology, Engineering, Arts and Math and Career Technical Education.
The acquisition marks the second acquisition the group has made within the Innovation Quadrant, the first being a 26,000 SF site across from The Glass Lab, acquired in early 2017, which is currently in the planning stages for the development of a 140,000 SF innovative office project.
"We strive to be a leader in bringing education and industry together in a way that is programmatically reflective of real life experience," said Todd Gooding, President of SKB. "Combined with our development site across the street, we will provide a meaningful opportunity to the private sector to participate in the active development of our next generation of workforce innovators."
"We are extremely proud of our continuing partnership with SKB in Portland and across the Western United States. 1805 SE MLK will be strong addition to the Central Eastside, creating new opportunities for employment, entrepreneurship and innovation in one of Portland's most dynamic neighborhoods," added David Tryba, Founder and Lead Design Principal of Tryba Architects.
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