Shorenstein Sells River Forum Campus to Clarity Real Estate
SAN FRANCISCO, Dec. 2, 2019 /PRNewswire/ -- Shorenstein Properties LLC (“Shorenstein”), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the sale of River Forum (the “Property”) in Portland, Oregon, to Clarity Real Estate, a private equity platform dedicated to sourcing attractive real estate acquisitions in leading 18-hour cities across the United States. Charles Safley, Paige Morgan and Trevor Kafoury with CBRE represented Shorenstein in the transaction. Terms of the transaction were not disclosed.
Situated along the vibrant South Waterfront, the 209,000-square-foot River Forum campus consists of two premier Class-A office buildings that are 90 percent leased to a diverse tenant base of leading businesses across a variety of industries. The Property serves as a natural extension of the city’s central urban core with easy access to greater Portland via the Portland Streetcar, MAX Orange Line, OHSU Aerial Tram and Tilikum Crossing.
Shorenstein acquired River Forum in 2007 as part of a broader portfolio. Shorenstein invested capital to enhance the Property, which consists of amenities that include secure-entry parking, several outdoor patios and river access, a fitness center and a large lobby with abundant natural light.
“We are excited to acquire River Forum from Shorenstein,” said Dave Seeley, Principal at Clarity Real Estate. “Portland is one of Clarity’s top growth markets and River Forum is an irreplaceable waterfront asset with outstanding fundamentals and tenant demand.”
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 67 million square feet in transactions with a gross investment value in excess of $16 billion.
About Clarity Real Estate
Clarity Real Estate focuses on real estate in markets that possess strong economic fundamentals and demographic trends, located primarily in the Southern and Western United States. Within these markets, Clarity’s principals have acquired over $2.5 billion of office, multifamily and development real estate since 2010. Clarity has a strong track record of enhancing properties through the disciplined investment in well-located real estate, active asset management and the execution of value-add and opportunistic strategies, such as leasing, renovation, repositioning, development or redevelopment. www.clarityre.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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SOURCE Shorenstein Properties LLC