Closing Price: $2,500,000
Lakeside Gardens is one of Portland’s premier party venues and event spaces. It is a gorgeous property with two ponds and over 6 acres of old growth trees and meticulous landscape. On the property is an 7,200 square foot building with a full commercial kitchen and an older residential, one bedroom home.
Opportunities and Challenges:
This is a commercial property in a residential zoning area with environmental overlays. The City would not consider a zoning change, even though the property was there before the zoning changed to residential. The best use for this property was to find a buyer that could keep the Lakeside Garden as an event center.
After a lot of research, cold calling, and advertising, Michelle was able to find a buyer that fell in the love with property and had experience with event centers. He and his wife purchased the property for $2.5 million and will be carrying the legacy of the sellers on by keeping the Lakeside Events Center open and thriving. It was a very difficult sale with multitude of individuals involved from attorneys, accountants, inspectors and the City. At the end of the deal both sides were very happy.
Do you have a complex buying or selling situation? Michelle would love to assist you. Click here to contact her now!