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
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