GOS & Associates, Inc.
4810-4950 SW Western Avenue
A longtime client of Macadam Forbes, GOS & Associates, Inc. owns and manages retail properties throughout the Pacific NW region. The retail building located at 4810-4950 SW Western Avenue was acquired over 50 years ago and no longer fit their investment profile.
Built in 1972, 4810-4950 SW Western Avenue is a 71,781 SF former grocery store in the 217 Corridor Submarket. The main tenant left many years ago and the building had been leased for various office retail tenants such as the Garage Sale Warehouse and a fencing academy. The existing leases included a mix of short and long term tenants with staggard expiration dates and a variety of renewal options.
Working with our client, Macadam Forbes and the ownership were able to restructure the leases to allow the tenants Covid-rent relief in exchange for lease flexibility on the landlord side. This arrangement allowed the existing tenants to have rent relief and location stability during an uncertain time, while allowing the property ownership to line up their leases and position the entire property for a sale.
By keeping our client apprised of market conditions and creative lease terms, the pandemic shutdown created an opportunity for our client to achieve their goal of repositioning their assets.
4810-4950 SW Western Avenue was sold to a developer and 270 units of market rate apartments will soon be under construction.