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Bixby Land Company Closes $33 Mil Portland Office Buy

12/14/16

Bixby Land Company has purchased CDK Plaza, a two-building, 185.7k sf office complex in Portland, OR, for $33.4 mil ($180/sf). The Class A project was sold by KBS Real Estate Investment Trust, an affiliate of KBS Realty Advisors.

CDK Plaza, located at 2525 Southwest 1st Avenue in downtown Portland, is scheduled to undergo significant upgrades in 2017 as Bixby furthers the reach of its value-add office strategy into primary Pacific Northwest markets.

Planned upgrades include the redesign of an expansive plaza and courtyard area between two buildings, plus new lobbies and corridors, landscaping upgrades, and aesthetic improvements to the glass curtain wall. The upgrades are in line with the amenity-rich work places that have become a hallmark of Bixby office projects.

The four-story, two-building campus was 96% leased at the time of sale, though anchor tenant CDK Global intends to vacate a portion of its fourth floor space in 2017, enhancing the opportunity to add additional value to the project.

CDK Plaza features close proximity to light rail and interstate freeway access, plus abundant onsite parking at 3.4 stalls per 1,000 square feet, one of the highest parking ratios in Downtown Portland.

The seller was represented by Darwin Rodriguez and Jason Flynn of Eastdil Secured. Bixby represented itself in the transaction. According to Colliers International, the Portland central business district reported 8.3% vacancy as of the third quarter of 2016.






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