Schumacher Fur Building sold

[MarkDaMan]

hmmmm, I wonder what is going to happen here? I was under the assumption this was a TMT building, guess not.

Schumacher Fur building sold
The Oregonian
Dylan Rivera

A Southern California investor paid $2.5 million for the Schumacher Fur building at Southwest 10th Avenue and Yamhill Street in downtown Portland, real estate broker Mark Ierulli</cq> will announce today.

Built in 1922, the building includes two stories above ground consisting of about 8,600 square feet of retail space, plus a basement, for 10,500 square feet in all. Rick Wolfen's Rock Asset Management Inc. of Beverly Hills bought the property in a deal that closed Thursday, and plans to renovate it and lease it for retail use. Wolfen said he has spoken with apparel retailers, but is open to any tenant with a good track record.

The Schumacher fur store occupied the location for several decades until relocating in November 2005 to the corner of Southwest Ninth and Morrison. The company has since announced it would go out of business after a prolonged conflict with animal rights protesters.

Known in Portland for having bought and sold the Morgan Portfolio in the 1990s, including the American Bank Building and Jackson Tower, Wolfen said he's eager to buy more property in the city's core. "I'm just looking for opportunities whether they're $1 million or $50 million," Wolfen said.

Wolfen's 620 Associates LLC was the buyer, and Estate of Carl Schumacher Jr., The Louise Schumacher Credit Shelter Trust were the seller. Ierulli represented both sides of the transaction.

-- Dylan Rivera
http://www.blogs.oregonlive.com/default.asp?item=516461

[pdxman]

Is that plot large enough for a tower? If so, i say tear the building down and build a tower of some sort.

[MarkDaMan]

^probably not unless it is a really skinny one, I doubt codes allow it, but if this is across from the new Park Ave, and renovated Nordies, plus the new Brooks Brothers up one block, I'm excited about what kind of retailers would be looking at it.

[65MAX]

The building they're in now (at 9th and Morrison) is a TMT building. That's not the one that got sold. Schumacher's original location was at 10th and Yamhill, across from the SmartPark. Apparently they still owned that building.

[MarkDaMan]

^the one buy the library with the broken sign? Why would the move into a rented space if they owned a building sitting vacant? Hmmm, never mind, it IS the Schumacher nuts.

[edgepdx]

Originally Posted by MarkDaMan

^the one buy the library with the broken sign? Why would the move into a rented space if they owned a building sitting vacant? Hmmm, never mind, it IS the Schumacher nuts.

Probably having financial problems with the business, or plans to close the business soon, who knows? Portland never seemed much like a fur town to me. I don't think rain and fur mix very well. Not to mention all those poor little critters, way to Cruella De Vile for the Portland set.

I'd imagine that will be a nice retail location for someone and should start bringing retail west from the downtown core.

[PDX City-State]

I find it very difficult to believe that he's really going to fix up that building--with so much activity going on in that area, I'll bet he's either going to keep buying parcels on the block or work out a deal with the other owners. That's not exactly a great building.

[65MAX]

Yeah, definitely not worth keeping. Maybe a future point tower? At the crossroads of MAX and Streetcar?

[PDX City-State]

Look at the adjacent parcels--all one-story buildings with lower rent tennants and old leases: watchworks, the sheet music store, momo, maya's. It's not only underutilized real estate, the buildings all pretty much suck. The other half of the block, however, is pretty cool. There are some older row-style houses and well-preserved buildings. I bet they build a half-block tower in the next few years.

[brandonpdx]

Originally Posted by PDX City-State

Look at the adjacent parcels--all one-story buildings with lower rent tennants and old leases: watchworks, the sheet music store, momo, maya's. It's not only underutilized real estate, the buildings all pretty much suck. The other half of the block, however, is pretty cool. There are some older row-style houses and well-preserved buildings. I bet they build a half-block tower in the next few years.

let's all imagine Portland 100 years from now with blocks and blocks of glassy point towers on every block. The same types of buildings one could find in any city that woke up to the world in the last 100 years...now wouldn't that be boring!?
Let's remeber what we have now before we forget. Spaces have just as much meaning for what they don't have as opposed to what they do have. Get out of the strictly business mindset of maximizing profit and utilizing spaces for as much money as one can make!
How many dive bars can one go to in the middle of a city and find an uncrowded court yard with mature trees and no sense of being in a city!????
I haven't been to many, but out of all the cities I've been to I've been fortunate enough to find that experience here at Momo.
I love exciting new buildings just as much as all of you, but let's not get carried away in tearing down buildings that will never be replaced with glassy point towers that are really quite common in the world today.
We have plenty of "underutilized surface parking lots." If only we could use them all up before we begin to tear down existing buildings and spaces...
One can dream anyway...

[zilfondel]

Yea, but 1 story buildings in downtown? talk about a waste of real estate. They could build at least to the FAR and bring in some more businesses or residents.