Historic Flanders Building Acquired
Flanders Venture LLC, a partnership between ASB 1010 Flanders Holdings and Specht 1010 LLC, an affiliate of Specht Development, Inc. acquired the 60,000 square-foot building in January 23, 2016 for $14 million. Nathan Sasaki at Apex Real Estate Partners brokered the transaction.
The building, located in the historic Pearl District, was constructed in 1922 with 11 to 14-foot high ceilings, hardwood floors, large windows and exposed duct work. Specht Development, Inc. will manage the $10 million remodel project to convert the building into Class A loft office space.
The project will take about a year to complete once permits are issued.