7-Eleven at Lombard, Phase I – Portland, Oregon

This development project was comprised of a 636 SF retail/office building that was in poor condition but was ideally located at the lighted, 3-corner intersection of N. Lombard, Oswego and Richmond Streets in Portland’s St. John’s neighborhood. The acquisition contract was executed after confirmation that the site was identified by 7-Eleven, Inc., as an expansion location. The site development plan consisted of demolition of the existing building and construction of a 3,000 SF convenience store on a build-to-suit basis for 7-Eleven, Inc. Additionally, given the large 0.81-acre parcel size, the highest and best use of the property was to seek a property line adjustment and pursue site plan approval for two additional build-to-suit pad sites. The land sale closed in March of 2012 and the 7-Eleven store opened for business in September, 2012. The Store subsequently sold in March of 2013 to a 1031 Exchange Buyer.