PORTLAND, ORE. — Swift Realty Partners has acquired the Executive Building, a 104,630-square-foot office building in Downtown Portland, for $21.1 million. The Class A building is located at 811 SW 6th Ave. The Executive Building is situated at the intersection of Portland’s main MAX light rail lines, near Interstates 5 and 84 and Highway 26. The property is also near amenities like the Pioneer Place Shopping Center and The Nines Hotel. The building is 91.4 percent leased to three tenants, including J.P. Morgan Chase and the State of Oregon Department of Environmental Quality (DEQ). The seller, The Matteson Companies, was represented by HFF’s Nick Kucha and Michael Leggett.
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PORTLAND, ORE. – A 49,946-square-foot office building has sold to Swift Real Estate Partners for $8.5 million. The building is located at 811 SW Naito Parkway. It sits on the waterfront of the Portland Central Business District. The property was built in 1982 and renovated in 2013. The seller, ATC Partners LLC, was represented by HFF’s Nicholas Kucha and Michael Leggett.
CHANDLER, ARIZ. — Crown Castle International has leased 70,000 square feet of Class A office space in Chandler. The property is located off Loop 202. The shared wireless infrastructure provider will occupy the space next July. The landlord, LGE Design Build, represented itself in this transaction. Crown Castle was represented by Keith Lambeth, Todd Noel and Ryan Timpani of Colliers International.
SANTA CLARA, CALIF. – Computer Associates has leased 53,716 square feet of space at Santa Clara Towers. The two-building, Class A campus is located at 3965 Freedom Circle in Santa Clara. The landlord, Shorenstein, was represented by Phil Mahoney, Randy Gabrielson and Mike Saign of Cornish & Carey Commercial Newmark Knight Frank.
BELLEVUE, WASH. — Hitachi has expanded its footprint at Bellevue Technology Center by leasing 35,000 square feet of space. The center is located in the eastside submarket of the Puget Sound region. It is 83 percent leased. Hitachi was represented by JLL’s Ryan Atkinson, Chris Hughes and Steve Schwartz. The landlord, KBS Strategic Opportunity REIT, was represented by JLL’s Mark Flippo and JJ Shepard.
VANCOUVER, WASH. – BergerABAM has leased 8,000 square feet of office space in downtown Vancouver. The property is located at 210 E 13th Street. The engineering and environmental firm will be relocating from nearby 1111 Main Street. BergerABAM was represented by Eric Turner of Cresa. The landlord, Block 56 LLC, was represented by JLL’s Tom Shimota and John Lee.
Las Vegas investors remain risk averse, favoring Class A and B properties. Increased buyer demand and a lack of inventory will support more aggressive pricing, with the sellers capitalizing on improving property performance. With stronger operations, Class C owners are encouraged to bring assets to market, pushing deal flow for the properties. The location of the asset is crucial to investors searching for higher returns, which is expected to exceed 8 percent. With an improving local economy, new construction, strengthening job market and a new “downtown,” we can expect a lower apartment vacancy and higher rents in Las Vegas this year. The improving local market and strengthen job market is being driven by some noteworthy construction and openings this year. They include the Linq, SLS Hotel (formerly Sahara Casino), the Downtown Summerlin Mall, the Grand Bazaar Shops, the Malaysia-based Genting Berhad’s $4-billion Resorts World Las Vegas (formerly Echelon) and the announcement of the $2.5-billion renovation of the Las Vegas Convention Center. These projects will create more than 15 million direct and indirect jobs. On top of this, occupancy rates keep rising. The Las Vegas market absorbed more than 3,000 units in 2013. It has absorbed another 760 net-leased units so …
PHOENIX – A 34,440-square-foot back-office building in Phoenix has sold to the Sharp Family Revocable Trust for $5.4 million. The building is located at 4832 E. McDowell Road. It is fully leased to LogisticCare Solutions, which holds a long-term, triple-net lease. Erik Marsh and Goodall “Hook” McCullough of Newmark Grubb Knight Frank represented the trust. The seller, VWP McDowell LLC (ViaWest Group), was represented by Andy Bogardus, Steve Lindley, Bob Buckley and Tracy Cartledge of Cassidy Turley’s Capital Markets Group.
BARSTOW, CALIF. – A 68,362-square-foot retail center in Barstow has sold to Barstow Town Square LLC for $3.6 million. The center is located at 1303-1313 E. Main Street. It is anchored by Family Dollar, Aaron’s and Wienershcnitzel. The LLC was represented by Vic Gausepohl and Kirk Allisonof Colliers International. The seller, The Steele Family Trust, was represented by Brad Umansky, Kenia Drugan, Greg Bedell of Progressive Real Estate Partners.
STOCKTON, CALIF. – The Hammer & West Pad building, a 7,294-square-foot retail property in Stockton, has sold to a local private investorfor $3.7 million. The building is located at 7860 West Lane. It was built in 2008. Notable tenants at Hammer & Westinclude Western Dental, AT&T and Pizza Hut. The property is part of a larger retail center that is anchored by Walgreens. Jeff Conover of Faris Lee Investments represented both the buyer and seller, West Hammer Properties, in this transaction. The buyer was also represented by Mirna Gonzales of Green Banker.