5,456 SF Development Site at Burnside Bridgehead

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1 OFFERING MEMORANDUM 5,456 SF Development Site at Burnside Bridgehead NE Martin Luther King Jr. Blvd., Portland, OR

Executive Summary The subject offering consists of 5,456 SF of Central Employment zoned land with 80 feet of frontage along NE Martin Luther King Jr. Blvd.

2 Executive Summary The subject offering consists of 5,456 SF of Central Employment zoned land with 80 feet of frontage along NE Martin Luther King Jr. Blvd., in the close-in eastside Portland Burnside Bridgehead corridor. The property s immediate proximity to downtown Portland, the Streetcar, and other major transit routes running directly in front of the property place it squarely in one of Portland s highest profile redevelopment areas. PROPERTY INFORMATION Address NE Martin Luther King Jr. Blvd. Property ID R Land Area 5,456 SF (Based on recent Summary Survey) Zoning Central Employment (EXd) Price $818,400 ($150/SF) BURNSIDE BRIDGEHEAD BLOCKS INVESTMENT HIGHLIGHTS 5,456 SF of paved, undeveloped land 80 feet of frontage on MLK Jr. Blvd. Core located in close-in east Portland Situated on Streetcar line; one block from stop Close proximity to employers, dining, services, and public transportation Located in one of Portland s most desirable rental markets Existing month-to-month parking and billboard leases generate income 9:1 FAR; 200 foot height max Kidder Mathews OM 2

3 Zoning ZONING AND OTHER USE RESTRICTIONS CONTINUED EX (Central Employment) Zone The EX zone implements the Central Employment map designation of the Comprehensive Plan. The zone allows mixed-uses and is intended for areas in the center of the City. The intent of the zone is to allow industrial, business, and service uses which need a central location. Residential uses are allowed, but are not intended to predominate or set development standards for other uses in the area. The development standards are intended to allow new development which is similar in character to existing development. ZONING Address Base Overlay Base Overlay Combination Comp Plan WI/NE Martin Luther King Jr. Blvd. Portland, OR EX-Central Employment d- Design Zone EXd EX - Central Employment Historic District Conservation District Plan District Natural Resource Management District N/A N/A CC - Central City Plan District Central Eastside N/A Quarter Section 3030 ALLOWED USES Household living (multifamily) Retail sales and service Public institutional and civic uses FAR Max Height 3:1-9:1 (with bonuses) 200 feet Commercial uses Some industrial uses allowed Max Building Coverage 100% Kidder Mathews OM 3

4 Close-up Aerial Kidder Mathews OM 4

5 Aerial NEIGHBORHOOD LOCATION LLOYD DISTRICT MODA CENTER & MEMORIAL COLISEUM OREGON CONVENTION CENTER PROPERTY PEARL DISTRICT BURNSIDE BRIDGEHEAD DOWNTOWN PORTLAND CBD WATERFRONT PARK SOUTH WATERFRONT Kidder Mathews OM 5

Location Overview BURNSIDE BRIDGEHEAD AREA DESCRIPTION County Multnomah Population 807,555 Household Income Number of Employees Median Property Value Distance to Portland CBD $62,127 (Data USA)

75 miles CLOSE-IN NE PORTLAND This development site is situated on a 5,426 SF lot in Block 74, located next to the Burnside Bridgehead redevelopment area at the base of the Burnside Bridge.

6 Location Overview BURNSIDE BRIDGEHEAD AREA DESCRIPTION County Multnomah Population 807,555 Household Income Number of Employees Median Property Value Distance to Portland CBD $62,127 (Data USA) 352,809 (Data USA) $429,400 (Zillow) 0.75 miles CLOSE-IN NE PORTLAND This development site is situated on a 5,426 SF lot in Block 74, located next to the Burnside Bridgehead redevelopment area at the base of the Burnside Bridge. This four-plus city block redevelopment area is a City initiated project with a vision of creating a strategic design approach for the development of the Burnside Bridgehead that will catalyze and identify the Central Eastside as an attainable, productive, and sustainable district, making this one of the most dynamic redevelopment areas in Portland s core. Recent neighboring developments include The Yard, Slate, and Fair-Haired Dumbell. FAIR HAIRED DUMBELL BUILDING Block 74 is located next to the intersection of two of Portland s more active transportation arterials, MLK Jr. Blvd., (4th Ave) and Couch Street. The Portland Streetcar and several bus lines run directly in front of the property along MLK Jr. Blvd., while west driving cars may travel down the one way Couch Street onto the Burnside Bridge towards Downtown Portland. With a walk score of 82, residents would enjoy the 5-10 minute walk to the west across the historic Burnside Bridge to reach the heart of Downtown Portland, while a 10 minute walk east brings a plethora of Portlandia experiences within reach, such as local breweries, hardware/antique stores, tattoo parlors, award-winning restaurants, bars, cafés, shops, theaters, and even a rock climbing gym. This site is located in one of Portland s highest profile neighborhood redevelopment areas and represents a unique development opportunity. BURNSIDE BRIDGE Kidder Mathews OM 6

Location Overview IMMEDIATE LOCAL AMENITIES PORTLAND STREETCAR Stop: NE MLK Blvd & E Burnside MODA CENTER The Moda Center opened in 1995, and was originally named the Rose Garden.

In addition to basketball and hockey, the Moda Center also plays host to a number of other events, including concerts, family shows, and other sporting events.

The Convention Center can host complex, large-scale events that require sophistication and detail.

7 Location Overview IMMEDIATE LOCAL AMENITIES PORTLAND STREETCAR Stop: NE MLK Blvd & E Burnside MODA CENTER The Moda Center opened in 1995, and was originally named the Rose Garden. The arena is home to the NBA s Portland Trail Blazers, and the WHL Portland Winterhawks. In addition to basketball and hockey, the Moda Center also plays host to a number of other events, including concerts, family shows, and other sporting events. OREGON CONVENTION CENTER The Oregon Convention Center is the largest venue in the Pacific Northwest, and provides outstanding experiences by embracing innovative approaches and local flavor. The Convention Center can host complex, large-scale events that require sophistication and detail. The range of events hosted by the OCC reflect not only its broad appeal, but also its ability to capture Portland culture by embracing the traditional, alternative, and mainstream all at once. The OCC strives to provide the most modern amenities, excellent customer service, and is a pioneer in green practices leadership. The Oregon Convention Center is a cornerstone in Portland s economy, supporting thousands of jobs within the facility. Consumer spending totals from the center s business amount to more than $500 million each year. Portland Streetcar began service July 2001 with a 2.4-mile alignment from Portland State University to NW 23rd Avenue. Now, after more than 16 years, 5 extensions, and over 55 million riders, Portland Streetcar operates three lines around 16-miles of track in Portland s Central City. The A & B Loops operate two circular routes connecting the Lloyd District, Central Eastside, Industrial District, PSU, Central Business District, and the Pearl District in clockwise (A Loop) and counterclockwise (B Loop) loops around the City. The North South (NS) Line operates on 8-miles of track from SW Lowell & Bond in the South Waterfront to NW 23rd & Marshall in the Alphabet District connecting PSU, the Central Business District, and the Pearl District along the way. BURNSIDE BRIDGE Kidder Mathews OM 7

8 NW 10 th Ave NW 19th Ave NW 18th Ave NW 14th Ave SE Water Ave NE 12th Ave NE 9th Ave N W Location Overview TRANSIT MAP NE Broadway NE Weidler St NE Halsey St NW Natio Pkwy N Broadway N Interstate Ave Lloyd Center NW Lovejoy St PEARL DISTRICT NW Hoyt St NW Glisan St OLD TOWN Oregon Conv. Center PROPERTY NE Irving St Buckman Field STREETCAR STOP SW Taylor St SW Salmon St DOWNTOWN PORTLAND BURNSIDE BRIDGE E Burnside St TRANSIT LEGEND MAX line NW Sandy Blvd SE Stark St MAX line MAX line MAX line SW Jefferson St SW Columbia SW 12th Ave SW 11th Ave SW 10th Ave SW Broadway SW 6th Ave SW 5th Ave SW 4th Ave SW 2nd Ave SW 1st Ave llamette River MAX line NS Streetcar line SE Belmont St A Streetcar line B Streetcar line Kidder Mathews OM 8 SE Hawthorne Blvd

PORTLAND RANKINGS #1 Best places for business and careers Forbes 2017 #2 Best Foodie City Sperling's Best Places #1 Coolest City in America MSN, 2017 #2 Moving destination of 2017 United Van Lines,

9 PORTLAND RANKINGS #1 Best places for business and careers Forbes 2017 #2 Best Foodie City Sperling's Best Places #1 Coolest City in America MSN, 2017 #2 Moving destination of 2017 United Van Lines, 2018 #1 Safest Place to Live Rental Housing Journal, 2017 #4 Fittest City in America CBS News #1 Best City in America for Cyclists Thrillist, 2017 #6 50 Best Places to Live in America Business Insider, 2018 Kidder Mathews OM 9

INVESTING IN PORTLAND GROWING POPULATION EMPLOYMENT ULI 2017 Emerging Trends ranks Portland 3rd among 78 metro areas for real estate investment In 2017, at 3.

10 INVESTING IN PORTLAND GROWING POPULATION EMPLOYMENT ULI 2017 Emerging Trends ranks Portland 3rd among 78 metro areas for real estate investment In 2017, at 3.3% Oregon personal income growth was above the national average of 3.1% Portland ranked #6 on Business Insider's Top 50 Best Places to Live in 2018 Portland MSA multifamily vacancy is below 4.85% Portland MSA is the 8th strongest rental market in the nation, per Axiometrics Portland s current unemployment rate is 3.6%, a 42 year low Oregon was the #2 moving destination in 2017 for people moving from one state to another, according to a United Van Lines Study Portland has added 42,000 residents over the last three years, an increase of 1.7%; above national average Portland ranked 19th in the nation in population growth ahead of San Francisco, Boston, and New York City More than 34% of Portland residents have a bachelor's degree or higher, above the national average of 28% Portland MSA employment is at an all-time high, employing ±1,190,400 workers Portland has the the 15th fastest growth rate of the nation's largest metro areas, at an increase of 2.4% every three months Portland MSA is expected to add 25,500 additional jobs in 2018 Amazon is projected to add more than 2,000 new jobs after breaking ground for new fulfillment centers in North Portland and Troutdale Event software company Cvent plans to hire 1,000 new employees through 2019 as part of a massive expansion Oregon Health & Science University is projected to add 500+ jobs Kidder Mathews OM 10

11 Portland MSA Economic Drivers PORTLAND MSA ECONOMIC DRIVERS The Portland-Vancouver-Hillsboro region added more than 3,600 tech jobs in 2017, employing a total of 134,200 workers throughout the area. Those numbers give the Portland area the 10th highest percentage of workforce in tech in the country. The tech sector alone added over $24.3 billion into the Portland Metro economy last year. Portland s manufacturing sector is also going strong, with firms such as Intel, Nike, Adidas, Columbia Sportswear, and Boeing employing more than 40,000 workers, and contributing to the area s current unemployment rate of 3.6%, below the national average of 4.1%. Oregon had the third fastest GDP growth (3.7%) nationally for the last quarter of 2017, with a total gross domestic product for the Portland metro area at over $164 billion in Oregon s GDP growth is due in large part to its durable goods output, primarily coming out of the computer and electronic manufacturing sectors. INVESTING IN PORTLAND ULI 2017 Emerging Trends ranks Portland 3rd among 78 metro areas for real estate investment Oregon personal income growth was 5th nationally at 1.3% (2016) Portland ranked #20 on Business Insider s Top 50 Best Cities for 2016 Portland MSA multifamily vacancy is below 5.0% Portland MSA is the 8th strongest rental market in the nation, per Axiometrics Portland s current unemployment rate is 3.6%, a 41-year low GROWING POPULATION Oregon was the #2 moving destination in 2017 for people moving from one state to another, according to United Van Lines Portland has added 42,000 residents over the last three years, an increase of 1.7%, well above the national average Portland had the 19th highest population growth by US Metro from 2010 to 2017 Portland estimates around 40,000 new migrants a year, of which more than 40% have a college degree Top Manufacturing Firms in Portland 19,300 EMPLOYEES IN OR & SW WA 12,000 EMPLOYEES IN OR & SW WA 2,800 EMPLOYEES Kidder Mathews OM 11

Portland MSA Economic Drivers EMPLOYMENT Portland MSA employment is at an all-time high, employing ±1,072,600 workers In the past year, Portland MSA has added over 48,400 jobs, an increase of 2.

12 Portland MSA Economic Drivers EMPLOYMENT Portland MSA employment is at an all-time high, employing ±1,072,600 workers In the past year, Portland MSA has added over 48,400 jobs, an increase of 2.6% Portland MSA is expected to add ±48,000 additional jobs in the next two years Nike announced a major $275M+ expansion that will create 500 new jobs Kaiser Hospital in Hillsboro was completed with 1,100 new jobs Daimler Trucks recently completed a $150M headquarters on Swan Island, creating 400 new jobs Adidas is expanding its North American headquarters by 200,000 SF, adding ±1,100 jobs in the process Top Manufacturing Firms in Portland 1,700 EMPLOYEES 1,579 EMPLOYEES 1,500 EMPLOYEES Kidder Mathews OM 12

13 Portland Market Overview CITY OF PORTLAND Portland is considered one of the nation s most livable cities. Located on the banks of the Willamette River only 90 minutes from snow-capped peaks, and the Pacific Ocean, one might not realize Portland s bustling downtown and waterfront are the heart of a metropolitan region with more than 2 million people. Twelve bridges span a wide elbow of the Willamette River, connecting the east and west sides of town. Throughout the metro area are thriving neighborhoods filled with restaurants, record shops, bars, funky clothing stores, antique malls and art galleries. Portland is known for its progressive bike-friendly attitude, lively music and restaurant scenes, food carts, farmers markets, and endless recreation possibilities. Beyond the metro area residents enjoy the Pacific Northwest s natural beauty via slopes, sails, surf and trails. Portland is a walkable and bikable city. Within walking distance of most parts of downtown is the campus of Portland State University, the world-class Portland Art Museum, Waterfront Park, Pioneer Courthouse Square, the Oregon Historical Society, a performing arts complex and a concert hall. For the sports-minded, Portland is home of the MLS Timbers, NBA Trail Blazers, and WHL Winterhawks. Outdoor enthusiasts love Forest Park, the largest city park in the nation, with 5,000 acres of hiking and biking trails, a zoo, public gardens and beautiful old-growth woods. The downtown core is connected by one of the world s leading public transportation systems, a combination of buses, streetcars, and light-rail trains, putting the entire metro area only a couple stops away. 1,182,900 EMPLOYEES IN METRO AREA 2,453,168 POPULATION #2 MOVING DESTINATION IN US (2017) #8 JOB GROWTH NATIONALLY $438,549 MEDIAN HOME VALUE #2 ANNUAL RENT GROWTH NATIONALLY Kidder Mathews OM 13

14 Company Overview COMMERCIAL BROKERAGE Brokers Overall annual transaction volume Annual leases Annual sales PROPERTY MANAGEMENT Portfolio VALUATION ADVISORY Appraisals annually 360+ $7B 30.9M sf 18.6M sf 49.5M+ sf 1,500+ Kidder Mathews is one of the largest, independent commercial real estate firms on the West Coast, with more than 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Arizona, and Nevada. We offer a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. WASHINGTON # Brokers # Property Managers # Appraisers OREGON # Brokers # Property Managers... 5 # Appraisers... 3 NEVADA # Brokers... 9 # Property Managers... 1 CALIFORNIA # Brokers # Property Managers # Appraisers ARIZONA # Brokers # Property Managers... 1 SEATTLE BELLEVUE SOUTH SEATTLE TACOMA OLYMPIA PORTLAND RENO SACRAMENTO ROSEVILLE SAN FRANCISCO REDWOOD SHORES SILICON VALLEY LOS ANGELES COMMERCE INLAND EMPIRE EL SEGUNDO ORANGE COUNTY LONG BEACH CARLSBAD SAN DIEGO PHOENIX Kidder Mathews Services Commercial Brokerage Property Management Valuation Advisory Consulting Award Winning Services The Oregonian Top Work Places 6 times PBJ Largest Commercial Real Estate Firms 14 times PSBJ Largest Commercial Real Estate Firms 18 times Project & Construction Management Development Management Debt & Equity Finance OR Business Magazine 100 Best Companies 9 times SFBT Largest Commercial Real Estate Firms 5 times PSBJ Fastest Growing Companies 5 times Kidder Mathews OM 14

15 Jordan A. Carter, JD Senior Vice President, Partner Clay Newton Senior Vice President, Partner Tyler Linn Vice President Kidder Mathews 101 SW Main Street, Suite 1200 Portland, OR kiddermathews.com The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and certification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor. Kidder Mathews OM 15

Prime Development Land

1831 NW 28th Ave OFFERING MEMORANDUM Prime Development Land 20,000 SF at NW 28th Avenue & Thurman Street Executive Summary Rare opportunity to purchase 20,000 SF of R1 land, located in the heart one of