Bend downtown landmark, the St. Clair Place building, has been sold to an investment consortium including Lowes Commercial Properties principal Peter Lowes. The purchase price was $6.05 million.
Lowes Commercial will also occupy space in the building to accommodate its commercial real estate brokerage team and new property management and residential sales divisions.
The property, located on the prime corner of Bond and Minnesota, was sold by Desertscape 920 Bond LLC.
Originally the site of the former Masterson St. Clair hardware store, the property was previously transformed by local architect and developer Doug Knight into an upscale mixed-use complex featuring ground-floor retail and second story office space. Knight retained many original features as part of the reconstruction and the building has won plaudits for its creative and aesthetic style.
Two upper floor residential condo units were not part of the transaction.
Peter Lowes, who said his company plans to make the switch to the central business district January 1, commented: “We are looking forward to being part of the vibrant downtown commercial community. There is an energy and synergy, which is a good fit for our business model, and this building is one of the best representations of Bend’s evolving professional image.
“The space will also function well for our expansion into commercial property management – particularly important in terms of tenant retention and property positioning in challenging economic times – and residential real estate sales.
“We see this as a great opportunity moving forward,” concluded Lowes.
