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News release

PORTLAND, OR

Investors Eye Portland Suburban Office as Vacancy Rates Head Even Lower

JLL closes $8.6M sale of 7700 NE Parkway Drive in Vancouver, WA


PORTLAND, Ore., July 28, 2015 – The Portland metropolitan area has the second lowest overall office vacancy in the U.S., according to research from JLL and, with job growth outpacing most western neighbors, the metro area has experienced a steady trend of increasing market rents and decreasing vacancy rates.  Such positive fundamentals have piqued the interest of local and out-of-town investors in a variety of office properties both in Portland’s sizzling downtown core and in surrounding suburban markets.

On behalf of TMG Vancouver, JLL’s Capital Markets experts today announced the firm has closed the sale of Parkway Plaza IV located at 7700 NE Parkway Drive.  Local investor Menashe Properties purchased the Class A office property in the desirable Vancouver Mall submarket for $8.6 million.

Managing Directors Buzz Ellis and Ann Chamberlin and Senior Vice President Paige Morgan led the JLL team on the sales transaction.
Built in 2004 and maintained to the highest industry standards, Parkway Plaza IV is the premier office property within the Vancouver Mall submarket and a preferred location for corporate tenants. 

“Due to the continuing upward trend in job growth here in the metro area and ongoing demand from a board range of tenants, including technology firms, Parkway presented a compelling opportunity for investors,” said Paige Morgan. “The buyer now owns an institutional quality office building with no near-term lease rollover in one of the country’s most desirable investment markets,” Morgan added.

The 50,804 square-foot three-story building was 93 percent occupied at the time of the sale. Parkway Plaza IV provides appealing on-site amenities to tenants including, a building conference room and an upscale Avanti Market for convenient meals and snacks.  The immediate neighborhood includes Starbucks, the Heathman Hotel, and the Wesfield Mall, all within walking distance.  Parkway Plaza IV is located just off State Route 500, and offers easy access to I-205 & I-5.  Additionally, Parkway’s convenient location is within a 20 minute drive of Portland’s International Airport and its Central Business District.

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 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 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: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.