Yesterday, a real estate listing for 2240 SE 82nd Avenue and 2320 SE 82nd Avenue joined two other on the market by the same seller. With this latest addition, Guild Investment Properties now has the entirety of the company’s stake in Montavilla available for purchase. The businesses at the location, Distinctive Sound and Mixteca Mexican Restaurant, should not be affected by the sale.
Located across 82nd Avenue from the Portland Community College, the property listing contains two adjoining parcels totaling 26,240 square feet with 232 feet of frontage on 82nd. The Flex at 2110 SE 82nd Avenue and the Pacific Plaza at SE 82nd and Division completed construction on this block within the last few years. Although both new buildings remain unoccupied, planners expect this section of the Jade District to grow in the next decade.
DJ Guild of Guild Investment Properties explained that these Montavilla properties, and others he is selling in Portland, have long-term tenants. The soonest lease expiration is two years away, making these properties suitable for investments holdings, opposed to rapid redevelopment. However, since most are zoned Commercial/Mixed Use 2 (CM2), Guild said they offer “outstanding density” opportunities if the new owner is interested in maximizing the property’s potential.
CM2 zones allow a wide range of commercial and residential uses. Development is intended to be pedestrian‐oriented, with a strong relationship between buildings and sidewalks. Structures in this zone will generally be up to four stories tall. However, the city allows larger projects with height and floor area ratio (FAR) bonuses. Guild noted that one of the 82nd Avenue lots for sale could hold up to 100 apartment units if the city granted all land use bonuses.
Selling these properties ends a decades-long investment in the area by DJ Guild. He began his tenure on 82nd Avenue in 1996, opening his automotive sales business in a former VW dealership at 333 SE 82nd Avenue. Guild first leased the location but later bought the property in 2008, marking a career shift from auto sales to real estate holdings. He focused on maintaining accessible rents for small businesses, which he says are underserved by recent construction seen throughout the city. Consequentially, Guild did not redevelop his holdings but instead added value to the existing buildings and kept those shops available to independent business owners.
Soon Guild will expand his operations towards building a new commercial property. He is transforming a 7.28 acre Vancouver Washington parcel into a 54 unit industrial business park. Again, he is focused on the ignored segments of the commercial real estate market, offering smaller and more affordable space than his competitors.
It is uncommon to see this many commercial properties available simultaneously on 82nd Avenue. Even if they all sell within the next few months, changes will take years to manifest at these locations. However, change in ownership brings the potential for new uses and further enhancements to the public space.