Shorenstein Sells Portland Office Campus for $130M
- Oct 20, 2020
Shorenstein Properties has sold Nimbus Corporate Center, a 691,036-square-foot office campus in Beaverton, Ore., for $130 million. The new owner, a joint venture between Prescott Partners and a DRA Advisors-controlled firm, financed the acquisition through a three-year, $100 million line of credit from RBC Capital Markets, public records show.
The property last traded in 2007 as part of a $1.1 billion portfolio transaction, according to Yardi Matrix data. The sale from EQ Office included some 3.9 million square feet in the wider Portland, Ore., market.
Comprising 16 buildings across 47.5 acres, the property is located at 8910-9775 SW Gemini Drive and 9203-9790 SW Nimbus Ave., adjacent to the Washington Square Mall and a mile from highway 217. The asset is 10 miles from downtown Portland and 1 mile from the Hall/Nimbus WES Station. Completed between 1984 and 1991, the campus has a tenant roster hailing from diverse sectors, including technology, telecommunications, financial services, insurance and government.
JLL Managing Director Buzz Ellis, Senior Managing Director Michel Seifer, Senior Director Logan Greer, Director Adam Taylor and Associate Kaden Eichmeier worked on behalf of the seller. According to Ellis, the transaction is reflective of increasing demand for suburban office space as Millennial renters move further from urban zones.