JLL closes sale of Portland mixed-use asset

PORTLAND, Apr. 23, 2025 –  JLL Capital Markets announced today that it has completed the sale of Machine Works, a 115,138-square-foot, Class A mixed-use asset in Portland, Oregon.

JLL represented the seller, AEW Capital Management, L.P., and procured the buyer, a partnership between Melvin Mark Investors (MMI) and Orion Investment Partners.

Machine Works is located at 1414 NW Northrup St. in the highly sought-after Pearl District, a bustling neighborhood with a variety of restaurants, bars, galleries and shops. The property is walking distance to the MAX light rail and has excellent accessibility and visibility, being immediately adjacent to Interstate 405.

At nine stories tall, Machine Works offers a mix of modern office and retail space and three levels of parking. The LEED Gold-certified property was completed in 2009 and is fully leased to a variety of tenants in the engineering, medical, government services and fitness industries, with LA Fitness occupying space on the ground floor.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Buzz Ellis, Senior Managing Director Mark Katz, Senior Director Zach Kersten and Associate David Williams.

“While Portland’s commercial real estate market has faced some challenges, we’re starting to see green shoots and sales like the Machine Works building continue the momentum,” said Ellis. “We had quite a bit of interest in the project, largely due to the quality of the asset, the fully leased rent roll and the location in one of Portland’s top performing neighborhoods.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom. 

For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors, AEW and its affiliates manage $86.4 billion in private real estate equity, debt and listed securities across North America, Europe and Asia (as of September 30, 2024).2 Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.

Founded in 2019 and led by a team of experienced real estate investors, Melvin Mark Investors acquires and operates office and industrial properties in the western United States.  Melvin Mark Investors is an affiliated entity of the Melvin Mark Companies, which for 80 years has brokered, developed, financed, owned, and managed property in Portland since 1945. MMI’s current portfolio includes nearly 800,000 square feet of office and industrial space in the greater Portland market.  Learn more at melvinmarkinvestors.com.

ORION Investment Partners LLC is a commercial real estate investment firm founded to provide clients with high-quality investment solutions. With extensive experience in structuring, sourcing, and executing complex real estate transactions, the team has transacted nearly $1B in total commercial real estate deals, including $400M in owned investments and joint ventured acquisitions/ownership/dispositions of retail, office, industrial, and multifamily properties.  Learn more at orionreinvest.com.