Rivermark Credit Union
- User Sale
- 30,500 RSF Headquarters Office
Ethos Commercial Advisors was engaged by Rivermark Community Credit Union to assist in optimizing their real estate portfolio to accommodate their newly hybrid workforce. After Rivermark decided to consolidate administrative functions into one location, Ethos assisted Rivermark with the disposition of one of their administrative buildings: a 30,500 building on Creekside Place in Beaverton, Oregon.
Ethos led a phone and email campaign to regional companies with space requirements matching the property size, making them aware of the benefits of purchasing real estate during a period of low interest rates and with Covid-related government incentives for investment.
The property received interest as a headquarters acquisition for a regional company, but their required laboratory use was not allowed under the zoning. In response, Ethos contacted the City of Beaverton’s Business Development Manager to determine the possibility of a zoning update in order to facilitate the purchase. Recognizing the value of attracting a growing company to their City, the Business Development team immediately commenced a City-led text amendment process, whereby the permitted uses would be updated to include Laboratory use. After consultation with the Planning Department, the Business Development Team informed Ethos that the amendment had the support of city planners and that the process would take roughly four months to complete.
Ethos negotiated a sales contract contingent on the text amendment passing a City Council vote, which allowed due diligence and preliminary space planning to move forward in tandem with the text amendment process. Milestones in the text amendment process, such as the Planning Commission vote, were tracked along with traditional sales transaction critical dates. Thanks to the advocacy of the City of Beaverton’s Business Development Team and the straightforwardness of their process, the text amendment was implemented on schedule with full Council support, allowing the buyer to close without any contract extension.
“Rivermark Community Credit Union has partnered with Ethos on our real estate needs for several years. As a regional organization, it is critical for us that our real estate brokerage has strong knowledge of the local real estate market and relationships with people of influence within it.”—
- Brian Griffis
- Rivermark Credit Union CFO