Silicon Forest Office Assets Change Hands
- Oct 24, 2016
By Ioana Neamt
Portland, Ore.—NGKF Capital Markets recently arranged the $23.2 million sale of two Class A creative office buildings located in Portland, Ore.
David Hill and David Squire in the firm’s Portland office represented the seller, LBA Realty, alongside Kevin Shannon, Ken White and Laura Stumm of NGKF’s El Segundo, Calif., office. Affiliates of Winkler Development and Watumull Properties Corp. acquired the two buildings, which are fully occupied by Nike Inc. NGKF’s David Milestone, Jordan Roeschlaub and Daniel Fromm arranged debt for the buyer.
“This investment offered tremendous credit in conjunction with a best-in-class creative build-out at rents well below market,” said Shannon in a statement.
“The stickiness of Nike, the improving Sunset Corridor submarket fundamentals and surrounding tenant environment proved attractive to capital,” added Hill.
The transactions included SunTech Corporate Park I, a two-story, 65,002-square-foot office building at 3445 NW. 211th Terrace, and the single-story, 77,965-square-foot Tanasbourne Corporate Park I at 20010 NW. Tanasbourne Drive. Both assets are located in Hillsboro, Ore., roughly half an hour away from Portland in an area dubbed Silicon Forest due to its concentration of tech tenants which include Nike’s global headquarters, Intel, Columbia Sportswear, The Standard, Oracle and Yahoo!, among others.
The state’s Sunset Corridor submarket has been home to Nike Inc. for more than 50 years. The company moved into the buildings in 2015.
Image courtesy of LBA Realty