(EDITOR’S NOTE: According to a source familiar with the deal, the building sold for about $39 million, or about $184 per square foot).
JLL Capital Markets led sales efforts for 10500 NE Walker Rd., which is a fully leased, single-story asset in Hillsboro, Oregon
PORTLAND, April 25, 2022 – JLL Capital Markets announced today that it has closed the sale of 10500 NE Walker Rd., a single-story call center building totaling 211,863 square feet in the Portland-area community of Hillsboro, Oregon.
JLL represented the seller, a public REIT, and procured the buyer, Hines Global Income Trust.
10500 NE Walker Rd. occupies an 18.92-acre site in the Sunset Corridor / Silicon Forest submarket of the Portland MSA. This area has become a prime suburban location for many large corporate tenants due to the proximity of desirable residential neighborhoods; easy access to the Portland central business district via the MAX Light Rail Red Line – Willow Creek / NW 185th Station, which is within walking distance of the property; and access to a deep talent pool of employees. In addition, the property has excellent access to a plentiful amenity base and Highway 26 for direct access to downtown Portland.
Renovated in 2009, 10500 NE Walker Rd. holds a LEED Silver certification and is fully leased to a long-term, financial services tenant. The property provides 938 parking spaces and features 16’7” ceiling heights along with three dock high doors and two grade-level doors.
JLL’s Capital Markets team representing the seller was led by Managing Directors Buzz Ellis and Adam Lasoff and Director Adam Taylor, along with Senior Managing Director Ira Virden, Managing Director Carrie Kahn, Director Frank Solorzano and Senior Managing Director Conan Lee.
“The Sunset Corridor has been the submarket of choice for investors given the deep, tech-oriented talent pool,” Ellis said. “Considering the scale of the infill suburban site, and the underlying zoning, it will be exciting to see how Hines stewards the property during their ownership.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Hines Global Income Trust
HGIT is a public, non-listed real estate investment trust sponsored by Hines. It commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally.
About JLLJLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 98,000 as of December 31, 2021.