Riverside Centre 5100 S Macadam Ave 101,055 SF 92% Leased Office Building Portland, OR 97239 $16,000,000 ($158.33/SF)

Newmark (NMRK), as an exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Riverside Centre (the "Property") - a high-quality multi-tenant suburban office building located in Johns Landing, less than 10 minutes from downtown Portland. Originally built in 1947 and thoughtfully renovated in 2021, the +/- 101,000 square foot building is currently 83% leased and 70% occupied with 3.4 years of WALT.
Prominently located off Macadam Avenue, Riverside Centre provides tenants with excellent connectivity to the greater Portland metro with proximate access to Interstate 5, the Ross Island Bridge, and the Sellwood Bridge. Centrally located in Johns Landing, the surrounding area offers a variety of retail amenities and housing options, with over 4,100 residential units within one mile of the Property and access to executive level housing minutes from Riverside Centre. With an above market parking ratio (3.2 per 1,000 SF), sweeping views of Mount Hood and the Willamette River, and flexible floor plates, Riverside Centre is well-positioned to attract a wide array of tenants seeking high-quality well-located suburban office space.
Institutionally owned and operated for over two decades, ownership has invested approximately $7.5M in capital at the Property since 2017, including a lobby renovation and new conferencing facility in addition to numerous exterior improvements. Riverside Centre provides new ownership with a unique value proposition by implementing a thoughtful business plan to increase the concentration of medical tenancy within the project. With existing wet lab space built out on the fifth floor, investors can deploy a strategic capital plan to reposition the balance of the office space on the fifth floor to medical space, rebranding the asset as a medical adjacent alternative in proximity to OHSU's Marquam Hill and South Waterfront Campuses. Alternatively, Riverside presents medical users with a compelling opportunity to occupy the entirety of the fifth floor, mitigating future operating costs and buying down their basis via existing contractual cash flow.
Riverside Centre offers investors and users the opportunity to acquire a high-quality suburban office asset and reposition it into a medical-focused offering, with flexible occupancy strategies, built-in lab infrastructure, and stable in-place cash flow, all in close proximity to major medical campuses within one of Portland's most sought-after close-in submarkets.