(Photo | Courtesy of Compass Commercial Real Estate)
CBRE has announced the sale of the Bend Bulletin building in Bend for $13.15 million. The property, which was marketed as part of Western Communications’ bankruptcy proceedings, was purchased by Chandler Center, LLC.
Paige Morgan and Charles Safley with CBRE’s Portland office partnered with Gardner Williams and Graham Dent with Compass Commercial in Bend to represent the seller, while Dan Kemp with Compass Commercial represented the buyer.
“The Bend Bulletin building offered a unique opportunity to control a large block of quality office and industrial space in a low-vacancy, land-constrained market with limited supply,” said CBRE’s Paige Morgan. “In addition to the existing building, the sale included more than nine acres of land that’s zoned for mixed-use development.”
The Bend Bulletin building totals 86,445 square feet of office and industrial space on 9.78 acres. It was built in 2000 by Western Communications to house the staff and printing press for the Bend Bulletin newspaper. EO Media Group, who acquired the Bend Bulletin earlier this year, will lease a portion of the building.
“This property is located on the highly desirable west side of Bend near many of our city’s most sought-after amenities,” said Compass Commercial’s Gardner Williams. “As the new owner looks to further develop the property, it will be able to provide tenants a convenient location and a competitive advantage for recruiting employees.”
Bend was ranked as the Best Performing Small City in the nation by The Milken Institute in 2018, which is the third consecutive year the metro has taken that honor. The organization cited unmatched five-year job and wage growth, strong high-tech performance and substantial investment in its knowledge economy via the Oregon State University-Cascades Campus. The Bend metro boasts an unemployment rate of 3.6 percent and projected job growth of 55.7 percent, compared to a national average of 33.5 percent, over the next ten years.
Dan Kemp and Adam Bledsoe from Compass Commercial Real Estate have been hired to re-tenant the building. Prospective tenants and their representatives can contact them at 541-383-2444. Additionally, a prospective open house is planned for this quarter. If you are interested in attending, please send an email to RSVP@compasscommercial.com with the subject: Bend Bulletin Open House.