Spring Capital Group purchases 40,000 sf in the Pearl
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Spring Capital Group has purchased 40,000 sf of land at 1415 NW 12th Avenue in Portland, Oregon, for $6 million from Schnitzer Investment Corp. Scott MacLean and Michael Merino of NAI Norris, Beggs & Simpson represented both parties in the transaction.
Tom Connor and Don Woolley, principles at Spring Capital Group, based in Eugene, plan to redevelop the land. Currently, the 40,000 sf lot holds a 30,000 sf warehouse tenanted by Benson Industries. The development continues the hot development market trend in the Pearl District.
“The Pearl District continues to attract positive new development. It’s been quite interesting to see the changes in this neighborhood from a stark industrial center into a residential and retail hub,” MacLean and Merino said. “The renewed vibrancy in the Pearl will definitely spill out to surrounding areas and create even more commercial and residential opportunities for local and non-local developers, investors, landlords and tenants.”
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