SEATTLE–Bentall Kennedy (U.S.) Limited Partnership (Bentall Kennedy) announced the purchase of The Oregon Clinic Gateway Medical Office Building. The acquisition, made on behalf of its U.S. core fund, further expands the portfolio of medical office buildings managed by Bentall Kennedy. The seller, The Oregon Clinic Gateway Medical Office Building, LLC, was represented by CBRE and has executed a lease with Bentall Kennedy. Terms of the sale and lease were not disclosed.
“Bentall Kennedy has extensive experience in the medical office building sector, having built a substantial portfolio for our investors and clients across several U.S. regions that is currently 96% leased. This transaction allows us to expand in Portland, one of our target growth markets for medical office”
With this transaction, the U.S. medical office building portfolio that Bentall Kennedy manages now includes 23 properties amounting to 1.8 million square feet. This is the firm’s first medical office building investment in Portland.
“Bentall Kennedy has extensive experience in the medical office building sector, having built a substantial portfolio for our investors and clients across several U.S. regions that is currently 96% leased. This transaction allows us to expand in Portland, one of our target growth markets for medical office,” said Steve Reents, Senior Vice President, Transactions, Bentall Kennedy. “The Oregon Clinic and Providence (St. Joseph Health System) are ideal tenants given their dominant position in the market and are a significant addition to our roster of leading local and regional healthcare tenants across the country.”
The 101,299-square foot, Class A, LEED Gold medical office building is located on a .97-acre parcel at 1111 NE 99th Avenue in the Gateway District of Portland, providing patients, visitors and employees with multiple transportation options and easy commuter access from the greater Portland metro area. Originally constructed in 2006, the facility includes space for medical offices, day surgery, on-site diagnostic imaging, and laboratories. At the time of purchase, the building was 100% leased with major tenants including The Oregon Clinic, the leading Portland-area multi-specialty physician group, and Providence St. Joseph Health, a 50-hospital healthcare system.
About Bentall Kennedy
Bentall Kennedy, a Sun Life Investment Management company, is one of the largest global real estate investment advisors and one of North America’s foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients with expertise in office, retail, industrial and multi-residential assets throughout Canada and the U.S. Bentall Kennedy’s Investment Management group has approximately $46 billion (CAD)/$36 billion (USD) of assets under management (as of June 30, 2017). Bentall Kennedy is one of the largest real estate services providers in Canada, managing 58 million square feet on behalf of third-party and investment management clients (as of June 30, 2017). Bentall Kennedy is a member of UN PRI and a recognized Responsible Property Investing leader ranked among the top firms around the globe in the Global Real Estate Sustainability Benchmark (GRESB) for the sixth consecutive year since GRESB was launched.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities. The assets under management shown above include real estate equity and mortgage investments of the companies within Bentall Kennedy.
For more information, visit www.bentallkennedy.com