Marcus & Millichap Arranges Sale of Mixed-Use Building in Salem, Oregon for $5.65M
SALEM, ORE. — Marcus & Millichap has arranged the sale of The Metropolitan Building, a 29,000-square-foot mixed-use property in Salem. The property comprises 17 apartments and more than 9,500 square feet of ground- and basement-level office and retail space. The sales price was $5.65 million.
Marcus & Millichap’s Georgie Christensen-Riley and Michael Kapnick represented the seller, an Oregon limited liability company. Christensen-Riley and Kapnick also represented the California-based buyer. Both the buyer and seller entered into the transaction as part of separate 1031 tax-deferred exchanges.
Constructed in 1912 and completely remodeled in 2007, The Metropolitan Building is located in downtown Salem near the state capitol. The property underwent additional buildouts in 2019 and 2020. The development’s retail and creative office spaces experienced consistent leasing activity throughout the Covid-19 pandemic due in part to its prime location and finishes, according to Marcus & Millichap