The 82nd Street Plaza building recently sold to a group of investors who see opportunity in Montavilla’s expanding downtown. Located at 322 SE 82nd Ave, this 1963 era building sits mid-block just north of Stark Street. The new owners will transform the location through building-wide upgrades that enhance the property’s appearance and functionality.

The owners of this property predict that Montavilla’s retail core is expanding towards this block, provided they create an enticing destination. “This building has a lot of potential… it just needs a facelift and a pivot in the leasing in order to pop,” explained Bob Thomas, one of the building’s owners. The investors are committed to updating the building inside and out, including the already rented spaces. All current tenants received offers to extend leases and negotiate improvement to their units. “Most of our ground-floor tenants have expressed a desire to stay,” said Thomas.

The three-story building has four ground-floor retail shops. Oregon Grown operates both a dispensary and the OG Garden Supply at either end of the building. The All Ways Warm fireplace store was the building’s previous owner and will maintain a retail space on the property. Bánh Mì Nam Lộc Deli occupies the other center spot next to All Ways Warm. The second floor is currently empty, having previously rented to a single tenant who vacated the building before its sale. The basement level has remained unused since the closing of the World Famous Cannabis Cafe in 2014.

Over the next few weeks, the building’s exterior will dramatically change. Darker paint and a cedar-siding band above the first floor will change the current color palette of the building. Crews permanently removed green awnings from the structure, and soon the building will feature a new name. The 82nd Street Plaza will become known as Annex, referencing Montavilla Town’s expansion to this section of 82nd Ave.

Work is well underway. The parking lot is clear of the extra sheds and storage containers that once cluttered the property. Painters are prepping the building for its new colors, and replacement business signs are already on order for each retail unit.

The second-floor office space was not in rentable condition due to its many alterations over the years. Previous to the external work, all interior finishes on the top floor were removed down to the framing, providing a blank canvas for future tenants. The 5,000 square-foot space is currently available for leases by a single business or divided into several suites.

The property spans five tax lots, with three of them used only for parking. Thomas explained that “there is ample parking at the property currently,” and it’s excessive for the building’s needs. Consequently, the owners are exploring the addition of a food cart pod to the property.

Investment at this level in Montavilla indicates a positive shift for the area. Substantial economic advances will take years to materialize, but this building’s facelift will provide visible proof that change is coming. Businesses interested in leasing space at this location should contact Peak Asset Management by phone or email at (503) 567-8692 and info@peakassetmgt.com.