A metro region real estate investment firm with a soft spot for recreation in Bend has nabbed a prime downtown property in the central Oregon city.
Ascend Holdings Inc. of Vancouver, Washington, purchased the 50,000-square-foot Columbia State Bank building in downtown Bend for $8 million. The mixed-use property is at 1133 N.W. Wall St. and is currently anchored by Columbia State Bank and RBC Wealth Management. The two buildings also house a mix of residential, office, retail and restaurant space. The property was 86 percent occupied at the time of the sale, according to Compass Commercial Real Estate Services, which brokered the sale.
Compass Commercial brokers Ron Ross, Erich Schultz, Terry O’Neil and Jay Lyons negotiated the sale of the property on behalf of a San Francisco based investment group.
“The buyer has been recreating in Bend for many years and has always admired this property,” Ross said. “He is pleased to have had the opportunity to acquire it, as it fits nicely with the rest of his portfolio holdings.”
Ross said the buyer plans to convert portions of the building’s second-floor office space to residential units and then hold the property for a long-term investment.