NGKF Capital Markets has announced the $23,275,000 sale of two Class A creative office buildings in Hillsboro, OR. The transactions include SunTech Corporate Park I, a two-story, 65,002-square-foot office building located at 3445 NW 211th Terrace, and Tanasbourne Corporate Park I, a single-story, 77,965-square-foot office building located at 20010 NW Tanasbourne Drive. Both buildings are 100 occupied by Nike Inc.
The seller LBA Realty was represented by the NGKF Capital Markets team which included Senior Managing Director David Hill and Managing Director David Squire out of the firm’s Portland office, with President, West Coast Capital Markets Kevin Shannon, Executive Managing Director Ken White, and Managing Director Laura Stumm in the firm’s El Segundo office. Entities of Winkler Development and Watumull Properties Corp. acquired the property.
“This investment offered tremendous credit in conjunction with a best-in-class creative build-out at rents well below market,” said Shannon.
Nike moved into the buildings in 2015 with new state-of-the-art tenant improvements. Nike is a Fortune 500 global leader in athletic wear and has been a committed owner and tenant in Oregon’s Sunset Corridor submarket for more than 50 years. Dubbed Silicon Forest due to its concentration of technology-related tenants, the submarket is the hub of Oregon’s technology industry with a 5.7 percent vacancy. This highly-desired submarket is home to Nike’s global headquarters along with Intel’s largest worldwide workforce, and tenants such as Columbia Sportswear, Salesforce.com, The Standard, Oracle, Genentech, and Yahoo!, among others.
“The stickiness of Nike, the improving Sunset Corridor submarket fundamentals, and surrounding tenant environment proved attractive to capital,” said Hill.
NGKF Capital Markets David Milestone, Jordan Roeschlaub, and Daniel Fromm arranged debt for the buyer.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.