Stu Lindquist of Lindquist Development Company in Portland purchased the property on 305 Liberty St. NE. Previous listings by SVN Commercial Advisors, LLC carried $4.7 million and later a $3.5 million price tag.
Curt Arthur, managing director with SVN Commercial Advisors, said Lindquist Development has a robust resume of acquiring and repositioning retail and office properties in the Portland metro area. The company’s past acquisitions include the Portland ICE offices and retail and housing developments in the Portland area.
“With the recent announcement of a new apartment complex to be built on the site of the former Nordstrom property, and with a lot of momentum behind the sale of Salem Center, the buyer believes the property will be a great ‘value added’ investment and is excited to be a part of the revitalization of downtown Salem,” Arthur said.
The property has sky bridges to Salem Center, Liberty Plaza, and the Chemeketa Parkade.
The building sits in the Riverfront Downtown Urban Renewal Area and buyers could qualify for grants and incentive funds when redeveloping the site.
As of Wednesday, Salem’s Urban Development Department had not received any grant applications regarding the property.
Hit hard by the COVID-19 pandemic
JCPenney was one of the oldest businesses in Salem. It had been in this location since it was constructed in 1964 until the time of its bankruptcy.
The company filed for Chapter 11 bankruptcy in May 2020 after being hit hard by the COVID-19 pandemic.
Store’s history: Longtime JC Penney employees revisit store for 100th anniversary
In June 2020, the company announced it would close its downtown Salem store, part of a nationwide cutback that included shuttering 154 stores out of its more than 800 locations.