Ethos Commercial Advisors secured acquisition financing for Eastport Plaza, a 275,518-square-foot neighborhood shopping center in Portland, Oregon.
Daniel Natsch and Matthew Illias of Ethos Commercial Advisors originated a 5-year fixed rate 66% LTV loan with a life insurance company. Raleigh Lau and Matt Martinez of SRS Real Estate Partners represented the buyer, the Hong Phat group. It’s the first time the shopping center has changed hands since the 1990s,
The property recently experienced several tenants vacating, resulting in 43,000 square feet of vacancy. However, the buyers were successful in backfilling the former Joanne’s Fabrics with a national tenant to occupy 28,000 square feet to bring the center back to 95%. Located in Portland’s Jade District at 4000 SE 82nd Ave, the property is anchored by Ross, LA Fitness, Dollar Tree, a Regal movie theater, and an assortment of national and local tenants.
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