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First Street properties still seeking tenants

After two separate closures on First Street, the spaces formerly holding the Newberg Bike Shop and Bank of America are still available. Despite the street front becoming more popular with the rejuvenation of downtown Newberg, 500 E. First St. has been open since January.by: FILE PHOTO - Empty spaces - When the Newberg Bike Shop closed in January, it left an empty space in downtown. In May, the Bank of America space joined the vacancy list. Both spaces have yet to find tenants.

“We just lowered the asking lease rate on it to $5,500 a month,” said broker Jorie Girod with Berkshire Hathaway. “There has been some interest but we literally dropped the rate by about $1,500. It’s just a big space and we can’t divide it. So somebody going in there will most likely be a business that has already been in place.”

She said at 5,960 square feet with a 2,100 square foot basement, it’s almost too large for a new business to start in the space.

“It’ll take a unique business to go in there,” Girod said.

As for the Bank of America space at 600 E. First St., the Church of the Nazarene Foundation is offering the space for sale.

“It was given to us by the owner,” Foundation President Kenneth Roney said of the space which was donated in April 2013, while B of A was still using the facility. “We don’t have any plans for it other than to sell it.”

The 1,800 square foot space is being offered by Hancock Commercial Real Estate in Salem. The current asking price is $195,000.




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