The sale of the The Shoppes at Gateway to LA investors topped the market for largest sale at $107.5 million making it the most expensive single property sale in Lane County history. Eugene has been enjoying large transactions in this up market, but in 2017 Lane County’s largest deals were in Springfield. The city captured the second and third position also with the sales of the Brentwood Estates Apartments for $40.5 million and the Briarwood retirement center for $21.5 million.
The Eugene Register Guard quoted Bob Nelson, Eugene commercial real estate expert, regarding 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.
2017 top deals ranged from high tech manufacturing plants to apartment complexes to medical buildings. Lane County is emerging as an area with excellent investment opportunities attracting serious investors.