SOLD: The H. Merlo Properties Building sold for $3,125,000. The property consisted of two offices, a warehouse, and another small building “annex”.
Price per square foot (RSF): $293.81
Price per square foot (land): $318.65
Estimated Cap Rate: 6.75-7% (Estimated due to owner occupied tenancy, based on market rents)
Property usage: Two office spaces (approximately 2,400 square foot each space), large warehouse with mezzanine, and an “annex” that was once utilized as a recording studio.
Former owner, Harry Merlo, was an Portland, Oregon icon who had a true “rags to riches” American success story. Born to immigrant parents, he grew up in poverty in California, worked hard, joined the Marines, then returned to the US to begin his forestry career. He rose through the forestry business ranks and eventually earned the title of CEO of Louisiana Pacific Corporation. Upon his “retirement” (Harry never really retired), he was a strong philanthropist in Portland, and donated a lot of time and money to youth sports (among other things).
From his obituary in 2016 (via Oregonlive.com):
“He brought professional soccer to Portland. He brought Davis Cup tennis to Portland, and he brought great success to the entire soccer program at the University of Portland where the perfectly designed and maintained soccer field carries Harry’s name.”
So, it was an honor to represent Harry Merlo’s Trust in selling the property, and “cheers” to Harry!
The new buyers are updating the site and buildings to continue the tradition of creating a “unique space” in Portland.
Ryan O’Leary and Rebecca Liddell of Kidder Mathews represented the buyers, Bernard Gehret represented the sellers.
Download the property flyer here: For more information on the sale, contact Bernard Gehret of Joseph Bernard Investment Real Estate at 503.546.9390.