Principal Real Estate Investors Acquires The Beverly in Portland
Mixed-Use Property is Class A, LEED Silver Certified
October 17, 2011 (Des Moines, Iowa) – Principal Real Estate Investors, one of the largest institutional real estate managers in the United States, announces the acquisition of The Beverly from Bank of America. The Beverly is an 89,000-square-foot, class A mixed-use building in the heart of the Portland, Oregon’s Hollywood District.
Located at the corner of NE Sandy Boulevard and NE 43rd Avenue, the building was completed in 2009 and has earned Leadership in Energy and Environmental Design’s (LEED) silver certification status.
The five-story building includes 48,684 square feet of retail space, 43,113 of which are currently leased to Whole Foods. The remaining 40,402 square feet are made up of 53 fully-leased apartment units and two levels of parking.
“We’re pleased to add The Beverly to our portfolio,” said Morgan Deal, director – acquisitions/dispositions at Principal Real Estate Investors. “The property offers condominium-quality finishes in an infill location with strong demographics and access to mass transit.”
Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. The Beverly was developed by Gerding Edlen Development, who will manage the asset for Principal Real Estate Investors. N. Kirk Taylor, Ann Blume and Graham Taylor of CBRE’s Portland office represented both seller and buyer in the sale.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $37.3 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $239.1 billion in assets primarily for retirement plans and other institutional clients.
About the Principal Financial Group
The Principal Financial Group® (The Principal®) is a retirement and global investment management leader. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $335.8 billion in assets under management and serves some 16.5 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
- As of June 30, 2011. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®) and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; and the majority owned affiliates of Principal International, Inc.
- “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
- As of June 30, 2011.