The Office: West Linn Commercial Condos
Ron Ares May 31st, 2007
From the rubble of the former Willamette Marketplace, West Linn will soon feature a leading-edge concept of commercial real estate.
In nine months, the construction site at the 10th Street exit off I-205 will be home to a relatively unique commercial real estate concept in Oregon: office condominiums.
Just like residential condos, owners of commercial condos own the property within the walls, but not the dirt below or sky above. Unlike office leases, businesses can take advantage of the same ownership and appreciable asset benefits as residential condo owners.
Venture Corporation’s $20 million redevelopment project near the high-traffic highway exit will feature 73,000+ sq. ft. of retail and Class A office space. Plans include 3 one-story retail buildings, 1 two-story professional office building, and one 3-story building with retail on the ground level and professional offices above. The developers are building a similar project in Hillsboro.
Pricing is not yet available for the West Linn project, but units in the Hillsboro office buildings range from $377,000 (for 1,219 sq. ft.) to $865,000 (for 1,448 sq. ft. office space + 1,884 sq. ft. flex space).
The office condo concept could be ideal for the small business operator looking for a stable occupancy situation–that’s right, no landlord, rising rent, or periodic lease negotiations. A business owner could also enjoy additional advantages such as equity build-up, market appreciation, and tax benefits. If an owner needs to move or close shop, they simply sell the property–no lease termination clauses, etc.
Venture says the condos will range from 1,000 to 7,000 sq. ft, and allow 5 parking spaces per 1,000 sq. ft. of interior space. Completion is expected in 8 to 9 months.
Here’s a link to the Venture project in Hillsboro.
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