PORTLAND, ORE. — Mark McGovern and Jeff Rice of CBRE Capital Markets’ San Diego office have originated $24.7 million in financing for Laeroc Funds’ acquisition of two historical office buildings in downtown Portland. Laeroc 2007 Income Fund LLC has acquired the American Bank Building, a 14-story, 162,000-square-foot office building located at the corner of Broadway and S.W. Morrison Street in Pioneer Square. Built in 1913 and renovated in 1979, the property is 88 percent occupied with major tenants including Wells Fargo and the State of Oregon Department of Justice. Laeroc Edge Fund LLC has purchased the two-story Mohawk Building, which consists of two structures: Mohawk Building and Mohawk Galleries. Originally built in 1902, the 68,700-square-foot property is 100 percent occupied with tenants including Borders Books & Music and Interface Engineering.
CBRE Capital Markets has arranged $24.7 million in financing for the acquisition of the American Bank Building (above) and the Mohawk Building in Portland, Ore.
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