Joint Venture Buys 59,865 SF Office Building Near Portland, Plans Outpatient Healthcare Conversion

LAKE OSWEGO, ORE. — A joint venture between Evergreen Medical Properties and Bain Capital’s real estate team has acquired 4004 Kruse Way Place, an office building in Lake Oswego, from San Francisco-based Shorenstein Properties for an undisclosed price.

The joint venture plans to convert the three-story, 59,865-square-foot building, which is currently operating as traditional office space, into an outpatient healthcare facility. At the time of sale, asset was 74 percent occupied with Providence Health & Services as the anchor tenant.

Evan Kovac of JLL Capital Markets National Medical Properties and Buzz Ellis of JLL Pacific Northwest Advisory represented the seller and procured the buyer in the transaction.