Portland, OR (January 30, 2020) – Newmark Knight Frank’s (NKF) Pacific Northwest Capital Markets team advised on the sale of Amberglen Business Center, a nine-building, office and flex business campus located in Portland’s Sunset Corridor. The park consists of 578,808 rentable square feet across three class A mid-rise office and six single-story flex buildings.
NKF represented the seller, Principal Real Estate Investors in the investment sale to PCCP, LLC (PCCP), who will partner with Talon Private Capital as their joint venture operating partner. The buyer was self-represented. Advising on the sale were NKF Vice Chairman Nick Kucha, Managing Director James Childress, Director Jeff Hodson and Senior Financial Analyst James Ikeguchi.
According to Nick Kucha: “Amberglen Business Center is a premier business campus that operates in one of the most highly-amenitized suburban locations. We are delighted to see new ownership continue to invest in the campus.”
“Buyers are very thoughtful when selecting suburban office investments. Amberglen Business Center offers the scale, quality, and exceptional location that generated significant interest from a number of qualified parties,” said Kucha.
Home to the state’s largest economic drivers, the Sunset Corridor is one of the most prominent suburban office submarkets in the Portland metro. Fueled by proximity to the Intel and Nike campuses, nearly 50% of the suburban office inventory in the region is in the Sunset Corridor. This high demand for commercial product is demonstrated by superior market fundamentals, impressive roster of credit tenants, and depth of institutional ownership in the area.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $10.6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk- adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $21.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.
PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
About Talon Private Capital
Talon Private Capital, LLC is a privately-held real estate investment firm with deep experience in acquisition, disposition and investment management. Operating in a broad range of property types, Talon seeks to provide superior risk adjusted returns through carefully developed strategies. Talon Principals have engaged in real estate investment activities for over 25 years with a cumulative transaction volume exceeding $8.2 billion. Talon is currently located in downtown Bellevue, Washington.