By Kate Snyder
Two buildings in Portland’s mixed-use Cascade Station development have been put on the market for sale. Marketing information from JLL, which is handling the listing, shows that the property consists of two Class A suburban offices totaling 128,073 square feet. Property records show the owner is the Port of Portland. No guidance pricing has been released.
JLL’s James “Buzz” Ellis and Michael Leggett are the listing agents for the property.
Located at 9600 and 9500 NE Cascades Parkway, the two buildings were constructed in 2008 and 2009 as part of the Cascade Station. The buildings listed for sale, Cascade Station I and II, are located immediately adjacent to the MAX Red Line, which connects downtown Portland to Portland International Airport, and is within proximity to Clark County, which is one of the region’s fastest-growing population centers.
Cascade Station I and II are 93,073 square feet and 35,000 square feet, respectively. The site has parking for up to 589 vehicles. The property has six tenants between the two structures with 100 percent occupancy, according to marketing information. Tenants include CD Baby and Vetsource.
Both buildings received LEED Gold certification in 2010 and feature energy-efficient systems, a variety of conference facilities and lounge areas. Each building includes high-end finishes, a modern lobby and window lines providing natural light. The first floor of Cascade Station I also features a fitness center, locker rooms and common areas.
Cascade II is on a separate tax parcel, which would provide flexibility in exit strategy. Cascade Station I and II’s ground lease, which is prepaid through the Port of Portland through 2084, allows investors to exit with more than 50 years of firm term remaining. MetLife owns the Cascade Station Shopping Center adjacent to the property.
According to the development’s website, Cascade Station is known as the “gateway” to Portland International Airport. The 120-acre site yields 800,000 square feet of retail space, 1.2 million square feet of office space and 250 hotel rooms.
“Cascade Station is well positioned to benefit from the economic growth that Clark County, Washington is experiencing,” the offering memorandum states. “Fueled by a diverse mix of businesses, Vancouver has become a top regional economic hub with over 121,000 employees, especially with recent construction starts within Downtown Vancouver, including the 32-acre master-planned Vancouver Waterfront. …The increased economic expansion Clark County is experiencing will increase the desirability and utility of Cascade State I & II, further cementing its presence as a flagship asset within the submarket.”