Los Angeles (April 15, 2019) — Vista Investment Group has made its fourth significant investment in Portland, OR in the last 18 months, with the $22 million acquisition of Hollywood Station, a 69,112-square-foot mixed use building in Portland’s Hollywood District.
With its acquisition of Hollywood Station, the Los Angeles-based privately held real estate investment firm has now invested more than $100 million since entering the Portland real estate market in 2017. With a robust pipeline of activity behind this acquisition, Vista has already built a 500,000-square-foot-local portfolio that includes Nimbus Oaks, a flex/business park in Beaverton, Customs House in Portland, and last month’s acquisition of the Cornell West office building in Beaverton.
The company’s fifth acquisition in Portland, a multifamily property in the submarket of Vancouver, WA is set to close escrow in May.
“Greater Portland remains a key target market for us,” said Vista President Jonathan Barach. “It represents a relative value compared to more mature markets like Seattle and the San Francisco Bay Area, while demonstrating similar strong market fundamentals and demographics.”
Hollywood Station is anchored by a 50,000-square-foot 24 Hour Fitness Super Sport Gym, which recently extended their lease for an additional 10 years. The fitness facility is one of the busiest among 24 Hour Fitness’ chain of 400 clubs throughout the country.
The building also includes 17,000 square feet of office space leased to a variety of local businesses, as well as 2,000 square feet of street level retail. The property was 95 percent leased at closing.
Located at 4224 NE Halsey Street, the 13-year-old property is adjacent to Interstate 84 and the TriMet MAX Light Rail Hollywood/NE 42nd Avenue transit center station that serves the TriMet’s Blue, Green and Red Lines providing convenient access throughout the greater Portland area. The property includes a covered four-story parking garage with 220 stalls.
Vista Investment Group represented itself in the transaction. Blake Federinko, Brandi Ho and Michael Jenkins from MAJ Commercial represented the seller.
Vista Investment Group, LLC (”Vista”) is a privately held real estate investment firm, engaged in the acquisition and active management of commercial property located in urban infill markets throughout California and the Pacific Northwest. The Los Angeles-based company was founded in 2008 by Philip Barach and Jonathan Barach, to focus on value-add and opportunistic strategies in the multifamily, mixed-use and office sectors. To date, Vista has acquired approximately 1,800 multifamily units and approximately 1.8 million square feet of office space.