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10/11/16
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The Specht Company and its affiliates recently sold four phases of its Beaverton Creek Business Park, located in Beaverton, OR, to two separate buyers. The entire sale consisted of 11 buildings totaling 380k sf and one 2.4-acre parcel of land, all of which have been leased by Nike. The total price worked out to approximately $51 mil.
Artemis Real Estate Partners and Cruzan purchased three phases of the property (comprising 311.3k sf) for $41.55 mil. The other 68.7k sf phase was purchased for $9.5 mil by a separate buyer. Another Specht entity retains ownership of a separate six-acre parcel in the Beaverton Creek Business Park immediately adjacent to the Beaverton Creek Light Rail Station that is also leased on a long term basis to Nike.
“We’ve had a long, successful history with Beaverton Creek Business Park. We purchased the 54-acre park in 1988 when it only had one 50k sf building and then subsequently developed a total of 575.6k sf in the park with our partners,” said Greg Specht, CEO of the Specht Companies. “Nike has been a Beaverton Creek tenant since 1991, when they were located in a small office building on SW Murray Blvd. That 4k sf space was used as a showroom until the Nike headquarters campus was completed.”
Nick Kucha of HFF represented the seller in the transaction. In addition, HFF’s Casey Davidson assisted one of the new owners (Artemis Real Estate Partners and Cruzan) in securing $27 mil in financing for their purchase. The 10-year, fixed-rate acquisition loan was funded through a correspondent life insurance company lender.
Since June of 2014, Specht and its investment partners have purchased and began construction on a total of 1.58 msf of speculative industrial developments in the Portland metropolitan area. Most recently purchasing 38 acres from the Port of Portland and commencing construction on Vista Logistics Park in Gresham, OR — the area’s largest speculative industrial project ever launched as a single phase (732.8k sf) development.
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