Portland Office Assets Change Hands
- Jan 07, 2019
JLL’s Capital Markets has secured the sale of Tigard Corporate Center buildings A, B and C located in Portland, Ore. The company worked on behalf of the buyer, Meriwether Partners. JLL manages the property.
Located at 12123 SW 69th Ave., the two-story buildings added more than 123,000 square feet of Class A office space to Meriwether Partners’ portfolio. The properties offer convenient access to various medical office buildings, Interstate 5, and highways 99 and 217. Additionally, Tigard Corporate Center is adjacent to the recently announced expansion of Trimet’s MAX light rail line.
The properties are 100 percent leased to two tenants, Rocky Mountain Cancer Center LLC—operated by Compass Oncology—and Consumer Cellular Inc. Compass Oncology signed a ten-year lease on Building A, and is currently developing an oncology center at the property. Built in 2000, Tigard Corporate Center includes 694 parking spaces
“Tigard Corporate Center presented an opportunity for investors to purchase a trio of well-maintained, institutional quality office assets, 100 percent leased on a triple-net basis, with long-term income security,” JLL Capital Markets Managing Director Paige Morgan said in a prepared statement.
Managing Directors Morgan and Buzz Ellis were part of JLL’s team that represented the buyer on the sale. In another recent deal, JLL’s Managing Directors Chris Schaaf and Jim Thorp represented the tenant in the acquisition of Capital Towers, two office buildings totaling more than 477,000 square feet.
Image courtesy of Yardi Matrix