May 12, 2021
NORRIS & STEVENS, INC. BROKERS $7M SALE IN PORTLAND, OREGON
Jerry and Deborah Ivy recently completed the $7,000,000 purchase of an approximately 24,142 SF single-tenant office building located at 7545 NE Ambassador Place in Portland, Oregon which is on a land lease with the Port of Portland.
This class “A” suburban single-story office building is situated on approximately 2.26 acres of land just off NE Airport Way near Portland International Airport. Located in the highly desirable airport sub-market—a premier business area in Portland metro—the site is a 5 minute drive from Portland International Airport and only a 7 minute walk from Mt Hood Avenue Transit Stop.
Built in 2002, the property is currently occupied by the Department of Defense Military Entrance Processing Station (MEPS) and has been professionally maintained throughout its ownership with multiple upgrades. As a Department of Defense (DoD) agency, the Portland MEPS is one of sixty-five such facilities nationwide where applicants for military services go to complete the enlistment process. Nicknamed “Freedom’s Front Door,” MEPS are staffed with military and civilian professionals who carefully screen each applicant to ensure they meet the physical, academic and moral standards set by each service.
Matt Lyman and Jack Schaub with Portland-based Norris & Stevens, Inc. represented the seller in the transaction. Zach Francis with Kidder Mathews represented the buyer.
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.