Salem, OR, (May 25, 2018) - The 120 Commercial building in Salem will soon be remodeled into a Class A, mixed-use restaurant, retail, and creative office building. During a May 17 event, Scott Chernoff, owner of the Reed Opera House and 120 Commercial building revealed his vision to over 150 guests.
At the event, Chernoff, Principal of Cumberland Holdings; Gene Bolante of Studio 3 Architecture; and onsite property manager, Jodie Vaughn of the Pennbrook Company showed potential floorplans, alley and parking improvements and upgrades to both properties. Anticipated completion will be early 2019.
The event was of particular importance to commercial real estate professionals, downtown businesses and city officials who are enthusiastic about the energy new tenants will bring to the community.
“It’s very exciting to see Cumberland Holdings breathing new life into both properties,” said Salem Mayor Chuck Bennett. “Their significant investment into retail and restaurants is a real statement of confidence in downtown Salem.”
Reed Opera House tenant, Yuriy Chira, owner and Executive Chef of Chira’s Restaurant, provided catering for the event. He is especially excited about the improvements to the Reed Opera House ballroom. He said, “Cumberland’s renovation project will add a dynamic element to our growing downtown community. They are taking a charming, historic structure that was under-utilized and refreshing the building through exciting architecture.”
Prospective tenants are encouraged to contact the Leasing Broker Pam Rushing of Coldwell Banker Commercial at (503) 884-0457 or email at prushing@cbcre.com.
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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.
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 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 and 120 Commercial Building Onsite 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