Newmark Knight Frank (“NKF”) as exclusive advisor to ScanlanKemperBard (“SKB”), has arranged $36.1 million in financing for the acquisition of Parkway Woods Business Park in Wilsonville, Oregon. The property is a 390,233 rentable square foot office, production and manufacturing campus situated on an 88.28-acre scenic park-like setting.
Newmark Knight Frank’s Vice Chairman Ramsey Daya, Senior Managing Director Chris Moritz and Associate Director Stephen Scarpulla of the Debt & Structured Finance team in the San Francisco office executed the financing on behalf of the buyer, SKB, a leading institutional real estate firm. The loan was placed with Bridge Investment Group (“Bridge”). Both SKB and Bridge maintained their commitment to the property amidst volatile capital markets due to the COVID-19 outbreak and executed the transaction with competitive terms.
The property, which is 79.5% leased, is occupied by Xerox, 3D Systems, Dealer Spike and Tualatin Valley Water District. Parkway Woods features efficient, single-story floor plans with modern building systems, abundant green space, extensive freeway visibility and best-in-class amenities. The property borders Interstate 5 and is a 20-minute drive from downtown Portland. Additional features include an above market parking ratio (3.3/1000 RSF), on-site public transportation, excess land and numerous nearby food options.
“Given SKB’s in-depth knowledge of the market, lenders showed a strong interest in this opportunity,” said Daya. “Bridge understood the Portland industrial market dynamics and shared SKB’s belief in the city’s attractive long-term secular growth trends driven by its accessibility to transit, a growing amenity base and meaningful amount of high-quality residential development.”
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. For further information, visit www.ngkf.com.