May 31, 2021
NORRIS & STEVENS, INC. BROKERS $1.2M SALE IN ASTORIA, OREGON
Mahesh Enterprises, Inc. recently completed the $1,200,000 purchase of approximately 57,064 SF (1.31 Acres) of land located at 176 W. Marine Drive Astoria, Oregon. The parcel will be the site of a new boutique hotel.
The parcel is on the Columbia River and the Riverwalk connecting the property to the Port of Astoria with its marina and cruise ship facility. It is a short distance to downtown by foot, bicycle path, or trolley. The site is on Highway 30 next to the Astoria Megler Bridge where Highway 101 from Washington joins the Oregon Coast Highway.
The surrounding area has a population of 17,711 in a 5 mile radius and is predicted to grow by 6.6% in the coming years. The property is only a 5 minute drive from several different amenities.
Charles Conrow with Portland-based Norris & Stevens, Inc. represented the buyer, Mahesh Enterprises, Inc., in the transaction. Mark Carnese of Cushman & Wakefield represented the seller.
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 5.9 million square feet of commercial space and 9,100 apartment units.