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NBP Capital Acquires Two-Building Office Portfolio in Portland for $32.2M

Blagen Block was built in 1888. It is fully leased to Airbnb.

PORTLAND, ORE. — NBP Capital has acquired a two-building office portfolio in Portland for $32.2 million. The acquisition includes Blagen Block, a four-story creative office building, and New Market Theater, a six-story office building.

Blagen Block was built in 1888. It is fully leased to Airbnb. New Market Theater was built in 1872 and 1875. It is home to Portland’s long-standing Saturday Market.

Swift Real Estate Partners acquired both buildings from Beardsley Building Development in 2015. The company invested in modernizing and upgrading the buildings.

CBRE’s Charles Safley and Trevor Kafoury represented both parties in the transaction. The firm’s Nick Santangelo, Mike Walker and Brad Zampa secured $26.7 million in acquisition financing for the buyer.

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