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10/18/16
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LBA Realty recently sold two Class A creative office buildings in Hillsboro, OR for a total of $23.3 mil, or about $163/sf. The transactions include SunTech Corporate Park I, a two-story, 65k sf office building located at 3445 NW 211 th Terrace, and Tanasbourne Corporate Park I, a single-story, 78k sf office building located at 20010 NW Tanasbourne Dr. Both buildings are 100 occupied by Nike Inc.
Nike moved into the buildings in 2015 with new state-of-the-art tenant improvements. Nike is a Fortune 500 global leader in athletic wear and has been a committed owner and tenant in Oregon’s Sunset Corridor submarket for more than 50 years.
Dubbed Silicon Forest due to its concentration of technology-related tenants, the submarket is the hub of Oregon’s technology industry with a 5.7 percent vacancy. This highly-desired submarket is home to Nike’s global headquarters along with Intel’s largest worldwide workforce, and tenants such as Columbia Sportswear, Salesforce.com, The Standard, Oracle, Genentech, and Yahoo!, among others.
LBA Realty was represented by David Hill, David Squire, Kevin Shannon, Ken White and Laura Stumm with NGKF Capital Markets. Entities of Winkler Development and Watumull Properties Corp acquired the property. NGKF Capital Markets David Milestone, Jordan Roeschlaub, and Daniel Fromm arranged debt for the buyer.
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