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After Macy’s deal, affiliated investors sell downtown office buildings for $33.4M

December 15, 2016

After Macy’s deal, affiliated investors sell downtown office buildings for $33.4M

Dec 8, 2016, 6:00am PST | Jon Bell | Portland Business Journal

An affiliate of the company that just a few weeks ago bought five floors of the iconic Meier & Frank Building in Portland has now sold one of its other downtown assets for $33.4 million.

KBS Real Estate Investment Trust, an affiliate of KBS Realty Advisors, has sold the CDK Plaza to Bixby Land Company for $33.4 million. Based in Newport Beach, California, Bixby is planning to make significant upgrades to the 185,729-square-foot plaza, which is its first foray into the Portland market. The four-story, two-building office plaza is located at 2525 S.W. First Ave.

Those upgrades will run about $7.5 million and include a re-design of the plaza and courtyard between the two buildings, new lobbies and landscaping.

“The improvements we have planned will make this office campus much more appealing to companies looking for a progressive work environment,” said Mike Severson, Bixby’s senior vice president of investments, in a release. “We view this as an excellent opportunity to apply our experience gained through the repositioning of some 30 office buildings throughout California.”

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John E. Moriarty, ChFC
December 2015
February 3, 2016

I have been in the financial services industry for 20 years and our firm provides an education platform that gets clients to “think differently” about their financial picture.  For many years we have communicated to clients the need to diversify their portfolios using alternative asset classes and more specifically, private non-traded investments.  Due diligence on these types of financial vehicles is essential and when I learned about Blue Vault in 2010, our firm immediately began using their material as a tool to build confidence in the minds of our advisors on which alternatives to recommend to clients.  I am impressed with the way Blue Vault continues to add value to their subscribers and I view their publication as a tremendous resource in today’s complex world.