Crown Realty Buys $32M OR Office Property

Sunset Corporate Park III in Hillsboro comprises more than 100,000 square feet and is 100 percent leased to Wells Fargo. NKF arranged the deal on behalf of the seller.
Sunset Corporate Park III

Crown Realty & Development has acquired Sunset Corporate Park III, an office property in Hillsboro, Ore., for $32.3 million. NKF Capital Markets represented the seller, Washington Capital Management, in the transaction. 

Located at 21375 Bennett St., the asset comprises 103,279 square feet and is 100 percent leased to Wells Fargo. The building is situated next to Intel’s Ronler Acres Campus and within the Sunset Corridor submarket, which is also home to Nike, Genentech, Salesforce, Epson, Oracle and Kaiser Permanente. Built in 1999, the property features one story, above standard ceiling heights, an on-site conference room and 723 parking spaces.   

NKF Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Ken White and Dave Squire, and Directors James Childress and Bill DeLacy worked on behalf of the seller. The buyer was represented by its own Chief Operating Officer Kreg Groat. 

“This offering was well received, in part because of the credit tenant profile of Wells Fargo, the strong occupancy history of the property, and the strong fundamentals of the submarket,” said DeLacy, in a prepared statement. “We are seeing newfound capital interest in the suburbs for well-located assets with compelling tenant profiles or mark-to-market opportunities.” 

Also this week, Shannon, along with other members of the NKF Capital Markets team, arranged the $29.9 million sale of Empire Towers V, a 124,529-square-foot Class A office building in the Inland Empire, on behalf of TA Associates. 

Image courtesy of NKF Capital Markets