Suburban Portland Office Property Changes Hands
- Oct 24, 2019
A private investor has sold a 34,760-square-foot office property near Portland, Ore., for $6.5 million to National Loan Acquisitions Co., according to Yardi Matrix. The buyer provided itself with a three-year, $4.2 million bridge loan to finance the deal.
Located at 7150 SW Sandburg St. in the suburb of Tigard, Ore., the building is 10 miles southwest of downtown Portland, in a primarily industrial and office district. There is approximately 3.1 million square feet of office space within a mile of the asset, according to Yardi Matrix. In addition to the nearby Interstate 5 and Beaverton-Tigard Highway, several public bus routes connect the area to the urban core.
The Class B asset, constructed in 1978, comprises a ground floor above a lower level. The property, at one point home to KeyBank of Oregon, was owned and occupied by Progressive Insurance for some 20 years until the firm sold the asset for $4.2 million in June 2018. The structure has remained vacant since.
Yardi Matrix shows Portland’s office investment this year has already topped $1 billion, similar to 2018’s total transaction volume. At the beginning of the year, Meriwether Partners purchased a three-building portfolio a mile north of National Loan’s acquisition.