A Portland corporation bought an east Vancouver retail center this month with payments of cash and seven single-family homes.
Kingsgate-Luxe Group-Blackstone, a Portland corporation, reportedly bought Heritage Plaza in east Vancouver with a “substantial” cash down payment and seven leased, single-family homes. The payment amounted to $6 million.
Property owner Gene Thompson said the deal was “pretty simple,” though not typical.
“No, it’s not normal, but it seemed to work in this situation,” Thompson said.
The seven transacted homes are in Portland and Woodland. Thompson said people renting the residences have been assured that their leases aren’t affected.
Heritage Plaza, a 25,100-square-foot retail center at 15640 N.E. Fourth Plain Blvd., houses such businesses as Goldies BBQ and Print-N-Post. Commercial real estate brokerage Coldwell Banker Commercial Jenkins & Associates reported the sale.
Steve Mack, the agent who represented Thompson in the sale, said he hadn’t seen a deal like this before but that it probably wasn’t unheard of among real estate investors.
“It’s a different sort of real estate transaction, and I think these types of transactions are typically done between (principal business owners),” he said. “An investor with homes and commercial properties finds another owner of homes and commercial properties and they work out a deal between the two of them.”
Because Thompson owed money on a loan for the retail center, the balance of the loan is now put upon the single-family homes.