Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | Vista Investment Group Enters Portland, OR Market with Acquisition of 171k SF Office ParkBy: Vista Investment Group Built between 1984 and 1985 in part for Nike, the property is located at 9000-9560 SW Nimbus Avenue 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." Vista plans to invest up to $150 million in the Pacific Northwest over the next 24 months, according to Barach. "Nimbus Oaks, fits well within our strategy to invest in unique opportunities in strong primary and secondary West Coast markets," he said. "We plan to invest further in the Pacific Northwest to establish scale and sharpen our insights to what promises to be a very rewarding, long-term market for us." 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. About Vista Investment Group Vista Investment Group, LLC (http://www.vistainvestmentgroup.com) is a privately held real estate investment firm engaged in the acquisition and active management of commercial real estate in the western United States. Established in 2008, and headquartered in Santa Monica, CA, the Company focuses on value-add and opportunistic strategies in the multifamily, mixed-use and office sectors. Vista's portfolio, primarily located in urban infill markets within California, includes approximately 1,200 multifamily units and 400,000 square feet of office space. About JLL Capital Markets JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe. For more news, please visit The Investor an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world. For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: www.us.jll.com/ About JLL JLL is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com End
|
| |||||||||||||||||||||||||||||||||||||||||||||||
Account Phone Number