New Owners Purchase Reed Opera House And 120 Commercial Street Building (Photo) -03/01/18

Salem, OR, (March 1, 2018) - The historic Reed Opera House and 120 Commercial Street building (formerly Spaghetti Warehouse/Alessandro's) are under new ownership. On Feb. 26, 2018, the properties were purchased by Pacific Northwest property investor, Cumberland Holdings. The company's priority is to preserve the history and the sense of community of the Reed Opera House and implement a long-term plan to maintain and to improve the building's operations. In addition, Cumberland plans to fully renovate the 120 Commercial Street building, converting it from a single tenant to a multi-tenant building. Cumberland will release more information in a few months that will further define this dynamic project. Scott Chernoff, company principal, invests in projects primarily in Oregon. He has a strong grasp of the importance of the buildings and wants to continue their legacies. "When I first toured the Reed Opera House, I was captivated by the architecture and unique tenants," said Chernoff. "I commend Roger Yost for his excellent work to create this special place. We will add improvements here and there but the spirit of his work and history will live on," he added. Cumberland will hire Coldwell Banker Commercial Mountain West Real Estate as the leasing agent for the 120 Commercial Street building. Pennbrook Management will handle the property management and renovations. Pennbrook's Jodie Vaughn will be the full-time, on-site manager. Born and raised in Salem, Vaughn emphasized, "We want to ensure that the process of ownership transition, renovation and tenant management is as seamless as possible. Rest assured that any pre-scheduled events will go on as planned. We value our tenants and staff and are excited to continue working with them," she added. Coldwell Banker's Pam Rushing, the leasing broker listing the 120 Commercial Street property said, "The building is an excellent location for fine dining and experienced restaurateurs." The adjacent parking lot will be improved to offer more efficient and accessible parking. ### About the Reed Opera House: The Reed Opera House was Built in 1870 by Cyrus Adams Reed. In its early days, the Reed was a popular location for theatre, music, food and hotel lodgings. The building has hosted a number of famous guests, such as Mark Twain, Susan B. Anthony and President Rutherford B. Hayes. www.ReedOperaHouse.com About 120 Commercial Street: The 120 Commercial Street Building is thought to have been constructed around the same time as the Reed Opera House (1870). The first tenant to occupy the two-story building was thought to be Durbin's Livery, a stable yard. The entire building is approximately 14,000 square feet. About Cumberland Holdings: Cumberland Holdings is a real estate investment and asset management company that manages a number of properties in Oregon and the Northwest. The investment team, Graham Chernoff and Scott Chernoff, both of whom grew up in Northwest Portland. They have a combined 45 years of experience in acquiring and operating real estate, with offices in Los Angeles, San Francisco and Bend, Oregon. About The Pennbrook Company: Located in Oregon, the Pennbrook Company offers a full range of services for property owners. Jodie Vaughn of Salem will serve as the Reed Opera House's on-site manager. About Pam Rushing: Pam Rushing is a principal broker at Coldwell Banker Commercial Mountain West Real Estate and leasing broker for 120 Commercial, Salem Oregon. Since 1982, the professionals at Coldwell Banker Commercial Mountain West Real Estate have provided property owners with comprehensive commercial real estate services. www.CBCRE.com.