Intercontinental Real Estate Buys 72,130 SF Office/Retail Building in Portland
PORTLAND, ORE. — Intercontinental Real Estate Corp., on behalf of its managed fund U.S. Real Estate Investment Fund, has acquired the 72,130-square-foot office and retail portion of the Heartline Condominium. The price was not disclosed.
Located at 1241 NW Johnson St., Heartline is part of a master-planned, mixed-use residential and commercial development within Portland’s Pearl District.
Completed in 2018, the property features 61,659 square feet of office space and 10,471 square feet of retail space. Vacasa, a company that manages vacation homes, occupies the entire office portion of the project in a long-term basis. Ground-floor retail tenants include Kure Juice Bar, Little Bean and QuickFish Poke Bar.
Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller, Security Properties Development Co., in the deal.