Reed Opera House sells to California company as owner sheds properties

Salem's Reed Opera House has been sold to a California real estate investment company as one of the city's most prominent downtown property owners shifts his investing to the Oregon Coast.

Roger Yost, who bought the Reed Opera House on Liberty Street NE in 2003 for $1.9 million, closed on the $5.2 million deal Monday, along with the sale of the Old Spaghetti Warehouse building on Commercial Street NE.

In November, Yost sold the Capitol Center on State Street — Salem's tallest building. He's also trying to sell the Vick Building on Trade Street SE.

In an interview Thursday, Yost said he plans to relocate his holdings to the Oregon Coast. His long-term plan is to have three art galleries along the coast: in Cannon Beach, Newport and a third at a to-be-determined location.

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Yost in 2015 bought a 6,000-square-foot building in Newport and opened a gallery there. On Thursday, Yost said he is in negotiations for a Cannon Beach building and will know if the sale is going through in coming weeks.

Pam Rushing, a broker with Coldwell Banker Commercial Mountain West Real Estate, said the sale also included the Old Spaghetti Warehouse building at 120 Commercial St. NE. A call to the restaurant was not answered Thursday.

Cumberland will completely renovate the spaghetti warehouse space, turning it into a multi-tenant building, according to a press release. It is currently a single-tenant building. It's unclear how much the property sold for; county property records weren't immediately available.

Yost announced the Reed Opera House sale in a statement posted to social media Wednesday night, saying the property was going to Cumberland Holdings, a real estate investment company based in California. Cumberland Holdings also owns Keizer Village, a shopping center in Keizer.

In his statement, Yost said most staff members at the Reed Opera House will still work in their roles, just with a new manager on-site and a new property management company. "Our sincere thanks to all of the Reed tenants, staff, friends and visitors for so many enjoyable and memorable days," he said.

Scott Chernoff, principal at Cumberland Holdings, said in a statement, "When I first toured the Reed Opera House, I was captivated by the architecture and unique tenants."

"I commend Roger Yost for his excellent work to create this special place," Chernoff said. "We will add improvements here and there but the spirit of his work and history will live on."

Yost sold the Capitol Center to Coburg-based MT Capitol for a little more than $5 million, county property records show.

That space has been home to the Roger Yost Gallery, which Yost is moving to the Vick Building until a buyer purchases it. Yost said there aren't any serious contenders at this point. He said he hopes to reopen his Salem gallery this summer.

Curt Arthur, manager director of SVN Commercial Advisors, said, "The city will always be in debt to Roger for coming to Salem and investing so heavily in the downtown core, especially in iconic buildings like the Reed Opera House."

"I think it speaks volumes to where we are heading as a city when outside investment firms like this are looking to deploy their capital here," Arthur said.

Email jbach@statesmanjournal.com, call (503) 399-6714 or follow on Twitter @jonathanmbach.