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May 22, 2019
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OR Office Property Gets New Owner in $32 Mil Deal


Sunset Corporate Park III, a 103.3k sf, office property in Hillsboro, OR, traded hands in a $32.25 mil ($312/sf) transaction. The asset, located at 21375 NW Bennett St, was purchased by Crown Realty & Development.

Located next to Intel’s Ronler Acres Campus and within the Sunset Corridor submarket, the single-tenant office property is 100% leased to Wells Fargo. The Sunset Corridor submarket is home to some of Portland’s best-known technology and corporate giants, including Intel, Nike, Genentech, Salesforce, Epson, Oracle, and Kaiser Permanente.

NKF Capital Markets’Kevin Shannon, Nick Kucha, Ken White, Dave Squire, James Childress and Bill DeLacy represented the seller, an institutional investor. Crown Realty & Development was repped by its Chief Operating Officer, Kreg Groat.

Squire said, “The sale of Sunset Corporate Park III allowed the seller to take advantage of current investor demand for assets with long-term leases with investment grade, credit tenants. The Sunset Corridor is experiencing tightening vacancies and increasing rents. At the same time there is no speculative construction underway—or planned.”

DeLacy added, “This offering was well received, in part because of the credit tenant profile of Wells Fargo, the strong occupancy history of the property, and the strong fundamentals of the submarket. We are seeing newfound capital interest in the suburbs for well-located assets with compelling tenant profiles or mark-to-market opportunities.”

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