Ankeny & Ash Creative
- Portland, OR
- Multi-Tenant Creative Office Portfolio
- 43,898 RSF
Ethos Commercial Advisors was retained by Mincheff & Mincheff Investments to divest a portfolio of two adjacent buildings: 537 SE Ash Street and 532 SE Ankeny Street in Portland, Oregon. After underwriting the asset, Ethos identified significant upside in lease rates and terms, which would drive value. To prove out the thesis, Ethos took over leasing and assisted ownership in re-branding the asset. Ultimately, Ethos secured a top-of-market lease confirming that there was over 50% upside in rental rates in the balance of the building. In addition to optimizing rents, Ethos assisted ownership in a facilities audit that resulted in remeasuring the building and an 8% increase in RSF.
Ethos developed and managed a structured sales process which was seen by over 1,500 qualified buyers, specifically targeted 500 active buyers, and ultimately yielded ten written offers. A competitive bidding process was implemented, leveraging competing interests to maximize value. This process yielded a final offer that was 12% higher than the initial set of offers.
As part of the investment sale package Ethos worked with its Capital Markets team to present various financing strategies to prospective buyers.
“I view Ethos as a partner, rather than simply a real estate brokerage. Their team is intimately involved in every part of the acquisitions process, from deal sourcing to underwriting to investment strategy to negotiating and managing transactions. I’ve entrusted Ethos with over $80 million in acquisitions over the past three years and they have consistently delivered the highest level of service.”—
- Mincheff and Mincheff Investments