At a gathering of real estate professionals a couple years ago, prominent Portland real estate magnate Joe Weston mentioned that he planned to retire in September 2014.
Those plans may have changed.
Weston Investments LLC, of which Weston is sole proprietor, recently bought a former Target store in northeast Portland for $6 million. The 117,500-square-foot building is at 11826 N.E. Glisan Street. Target closed the store in January 2012.
George Lampus of Real Estate Investment Group represented Weston in the transaction; Rob Dowhaniuk of SRS Real Estate Services represented Target.
According to Hoyt Street Properties, the Pearl District development company where Weston has long been a partner, Weston owns nearly 3,000 apartments and 2.5 million square feet of commercial real estate in the Northwest.
A call to Weston inquiring about his plans for the former Target store was not returned by REI's deadline. However, at the same event where Weston announced his retirement plans a few years ago, he also said something that might help explain this most recent purchase.
"I can't turn down a good buy," Weston said.