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10.20.2008
Accurate Pricing Gives Capital Pacific The Edge to Close REI Flagship Store
Capital Pacific has completed the disposition of REI’s flagship store, located in Portland’s Pearl District. The Property, a LEED certified, institutional quality mixed use asset consists of two retail tenants, REI and Countrywide Financial and a four story parking component containing 225 stalls. The commercial tenants and parking also compliment 123 residential condominium units above, comprising what is called the Edge.

Capital Pacific was able to source the most qualified and motivated investor after an unsuccessful effort by a national brokerage firm. Capital Pacific was able to:
  • Quickly source a qualified buyer within two weeks of going to market at premium pricing when time was of the essence.

  • Accurately assess the value of the asset and close within 1% of the initial asking price.

  • Perform efficiently throughout the sales process assisting both parties with a conduit loan assumption that took only 85 days.

  • Set a new “benchmark” price within the market at a significantly low cap rate for a transaction over $20,000,000.

The disposition of the REI demonstrates Capital Pacific’s ability to source capital, properly price property and deliver results even with the current market constraints.

posted by Capital Pacific  # 9:13 AM
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