Walt Ramage and Jay Lyons have been honored with the prestigious COAR Commercial Transaction of the Year award, recognizing their outstanding work in the sale of the flagship Les Schwab location in Bend. The property, a 3.53-acre site comprised of seven parcels with prime Franklin Street frontage, was successfully sold for $5.1 million after navigating a complex 18-month transaction process. This achievement highlights the power of collaboration between two prominent commercial firms and underscores the brokers’ exceptional skill in overcoming significant challenges.
The Les Schwab site, listed in 2020 for $5,150,000, offered not only a central location but also strategic positioning within Bend’s Enterprise Zone, Opportunity Zone, and the Bend Central District. The buyer, ProjectPDX, a well-regarded regional development firm, saw the property’s potential for urban infill development, aligning with the city’s broader vision for enhancing the Central Business District (CBD).
Broker Collaboration at Its Finest
The success of this transaction was largely attributed to the strong professional relationship between Ramage and Lyons. Both brokers brought years of experience and a mutual respect that facilitated seamless coordination between their respective firms. “There is a high level of mutual respect between the two companies and certainly between the two of us,” said Jay Lyons. This trust and collaboration allowed them to navigate complex negotiations, meet the client’s objectives, and ultimately deliver a successful result for all parties involved.
Community Impact and Future Development
The sale of the Les Schwab property will have a lasting impact on the Bend community, serving as a catalyst for further development in the Central District. The new owner, ProjectPDX, has plans to construct two five-story multi-family buildings with approximately 150 units and ground-level retail space. In addition, the iconic Les Schwab building will be adaptively reused to include street-level retail, aligning with the city’s goals for the area.
This development has already garnered strong public support, with residents like Ryan Starr expressing excitement about the project’s potential to meet the growing city’s housing and commercial needs. “This development will kick-start change in the area towards the type of buildings we need as a growing city,” Starr wrote in an email to Karen Swenson, Senior Planner for the City of Bend.
The successful completion of this transaction is a testament to the hard work, dedication, and expertise of Walt Ramage and Jay Lyons. Their efforts not only delivered a win for their clients but also laid the groundwork for a transformative development that will benefit the community for years to come.
