Real estate investment manager Intercontinental Real Estate Corp. acquired the office component of the Heartline development project in Portland, Ore.'s Pearl District on behalf of its U.S. Real Estate Investment Fund LLC, the Portland Business Journal reported.
The terms of the transaction were not made public, although sources told the publication that the purchase price was close to roughly $48.5 million. The seller was Security Properties Development Co.
The five-story office building is fully occupied by vacation rental company Vacasa LLC, and the ground-floor retail tenants include Kure Juice Bar, Little Bean and QuickFish Poke Bar. The Heartline development also features a 15-story apartment building.
Newmark Knight Frank represented the seller on the deal.
Security Properties Managing Director Ed McGovern did not respond when the publication asked for comment on whether the company intends to sell the apartment portion soon, according to the March 22 report.