A majority stake in Vision Plaza located at 404 S.W. Columbia Street recently sold to the newly formed Vision Plaza, LLC. The building offers 32,000 square-feet of class A office space on Bend’s west side.
Compass Commercial Real Estate Services Partner Erich Schultz, SIOR, represented the buyer. Darren Powderly, CCIM, and Bruce Kemp, CCIM, also partners at Compass, represented the seller, Bank of the Cascades.
“The current market climate in Bend offers investors unique and potentially lucrative opportunities in commercial real estate,” said Schultz. “My client recognized this and purchased a premier office building at a fraction of the price it would have sold for a few years ago. This purchase allowed the Bank of the Cascades to clear the property off its books and my client an opportunity to reintroduce the building to the market on a lease basis. Vision Plaza, LLC, will be able to offer newly built-out office suites at rates competitive with other existing spaces in the Bend office market.”
Vision Plaza was developed as an office condominium project, with each of its 13 units having separate tax lots. The building offers common areas owned by the condominium owners association, as well as secured underground parking and a rooftop terrace. Vision Plaza, LLC, owns 11 of the 13 units.
The building incorporates noncombustible materials, such as steel framing and concrete floors, with a glass and brick exterior, making it a highly sought after class A building, Schultz said.
Forty-two percent of the units are currently occupied. Vision Plaza, LLC, has hired Schultz and Powderly to market the remaining unleased space. The rental rate is $1.25 per square foot, and qualified tenants will receive a turnkey tenant improvement allowance. Spaces from 1,000 to 6,000 square feet are now available for lease.