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December 15, 2017
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Vista Investment Group and Acre Valley Real Estate Capital Buy 172k sf OR Office Asset

9/14/17

Nimbus Oaks, a 171.8k sf flex/business park in Beaverton, OR, was acquired by joint venture between Vista Investment Group and Acre Valley Real Estate Capital. Built between 1984 and 1985, in part for Nike, the property is located at 9000-9560 SW Nimbus Ave in Portland’s 217 Corridor submarket.

Tenants at Nimbus Oaks, which include XO Communications, Opus Agency, Kingcom, and the Northwest Regional Education Service District, enjoy the close proximity to Washington Square and easy access to some of the best dining and retail options in the area, a characteristic that has become a key differentiating factor for suburban tenants. Boasting superior aesthetics and competitive market rate rents, Nimbus Oaks attracts companies who are looking to relocate or expand within the submarket or land in Portland for the first time.

“Nimbus Oaks is a stabilized, high-yielding office property in one of the strongest submarkets in the Portland MSA,” said Vista President Jonathan Barach. “The property enjoys a significant amount of investment grade credit tenancy, and near-term lease expirations present an opportunity to mark rents to market. We were able to secure attractive acquisition financing, which enabled the property to enjoy double-digit cash-on-cash returns starting day one.”

At a rate that is more than two times the state average, Washington County is experiencing tremendous population growth. Jobs, affordable housing stock, good schools, and a high quality of life are drawing people to the area, which in turn spurs demand from businesses seeking to serve the growing population base, according to JLL’s Buzz Ellis and Paige Morgan, who marketed the property for sale on behalf of the seller, a global real estate investment manager.

“This transaction demonstrates the industry demand for institutional quality assets in the 217 Corridor,” said Morgan. “With current vacancy in single digits, growing demand, and no new construction, vacancy will continue to experience downward pressure with rents increasing well above previous market high. The economic efficiencies of flex space are driving increased demand. With current replacement costs for similar suburban assets topping $230 per square foot, Nimbus Oaks offered its new investors the opportunity to acquire a high-profile asset at an attractive price relative to replacement cost.”

Andrew Kirsh, head of the real estate law practice of Los Angeles-based Sklar Kirsh represented Vista Investment Group in the transaction. Kidder Matthews has been engaged to handle leasing and property management.





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