2017 was the year of the most expensive single property sale in Lane County history. Much to everyone’s surprise, that deal was done in Springfield, Oregon. “Older Sister City” Eugene has been enjoying large transactions in the booming market, but the sale of the The Shoppes at Gateway to LA investors topped the market for largest sale at $107.5 million. Nine of the Lane County’s largest deals were in Springfield, including the second and third largest sales. $40.5 million for the Brentwood Estates Apartments and $21.5 million for the Briarwood retirement center.
Nobody knows the greater Eugene commercial real estate market than Bob Nelson. The Eugene Register Guard asked Bob to weigh in on the tightening multifamily investment opportunities in the midst of a booming in Lane County commercial real estate market.:
After the flurry of sales in 2016, an increasingly tight supply of apartments and rising rents may have investors holding onto properties to recoup those higher rent payments, instead of selling them, said Bob Nelson, a Eugene real estate broker specializing in apartments.
“Rents have increased significantly, so all of a sudden investors’ returns are increasing they longer they hold them. They’re thinking, ‘Geez, I’m getting an extra percentage return without doing anything,’ ” Nelson said.
The 2017 list of top deals is diverse, ranging from high tech manufacturing plants to apartment complexes to medical buildings. The sales reflect investors’ growing confidence in Lane County as an area with excellent investment opportunities.