$15.5M sale of 2-building flex office portfolio in Portland closes
JLL Capital Markets represented the seller, Gloria Y Gee Living Trust et al, in the sale of Beaverton Creek Phase V
PORTLAND, OR, September 23, 2020 – JLL Capital Markets announced today that it has closed the $15.5 million sale of Beaverton Creek V, a two-building, flex office portfolio in Beaverton, Oregon, a suburb of Portland.
JLL represented the seller, Gloria Y Gee Living Trust et al, and procured the buyer, Strategic Office Partners from Arizona (SOP).
The park has convenient access to public transportation with the MAX Light Rail Station adjacent to the site, and it is within walking distance of numerous amenities, including the 224-acre Tualatin Hills Nature Park. Beaverton Creek V is fully leased to Fresenius Kidney Care and a world-renowned athletic apparel company, whose world headquarters is just one-half mile from the property, and who occupies the majority of the other buildings within the park.
According to JLL Research, flex office is currently in high demand across Portland’s westside suburbs boasting a low vacancy of 6.4% and more than 75% growth rate in rents in the asset class since 2012.
The JLL Capital Markets team representing the seller was led by Managing Director Buzz Ellis, Director Adam Taylor and Senior Director Logan Greer.
“SOP’s acquisition marks a turning point in the Portland commercial real estate market, as it is one of only a few deals to be completed since the onset of COVID-19 in mid-March,” said Taylor. “The sale of Beaverton Creek V underscores a growing interest amongst buyers in suburban, flex office offerings during the pandemic.”
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.