JLL announces the sale of Tigard Corporate Center
Meriwether Partners Expands Portland Portfolio with Suburban Office Acquisition
PORTLAND, January 2, 2019 – JLL’s Capital Market experts announced today the sale of Tigard Corporate Center buildings A, B and C in Portland on behalf of their client, a global investment manager. Meriwether Partners purchased the three buildings, adding 123,100 square feet of Class A office to their local portfolio. The buying entity is Meriwether Tigard LLC, a private partnership that includes the principals of Meriwether along with high net-worth individuals.
Managing Directors Paige Morgan and Buzz Ellis led the JLL team on the sale.
The three-building portfolio is 100 percent leased by two separate tenants – Rocky Mountain Cancer Center, LLC (operated by Compass Oncology) and Consumer Cellular, Inc. – and boasts a combined weighted average lease term (WALT) of approximately 8.5 years.
Backed by McKesson, which operates 450 cancer treatment facilities across the country, Compass Oncology recently signed a ten-year lease on Building A and is presently under construction on a state-of-the-art oncology center at the property. The tenant chose the central location for its access to a large population base and proximity to a group of other medical office buildings in the immediate neighborhood.
Consumer Cellular is a Portland based wireless company that currently serves three million customers across the United States. Building B and C house Consumer Cellular’s corporate headquarters and a call center with approximately 325 employees.
“Tigard Corporate Center presented an opportunity for investors to purchase a trio of well-maintained, institutional quality office assets, 100% leased on a triple-net basis, with long-term income security,” said Morgan.
Tigard Corporate Center is centrally located in the desirable Tigard Triangle micromarket, an area where Class A lease rates have outperformed the rest of the I-5 Corridor submarket every quarter since 2014. The property offers excellent access to major arterials including I-5, Highway 99 and Highway 217, and includes a structured parking garage with 357 stalls, along with surface parking. Tigard Corporate Center is directly adjacent to the recently announced expansion of Trimet’s MAX light rail line along the Southwest Corridor.
JLL handles property management at the property.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
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 2017 alone, JLL Capital Markets completed $170 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,400 specialists, operating all over the globe.
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About Meriwether Partners
Meriwether Partners LLC is a real estate investment and development company with offices in Seattle and Portland. Since 2002, Meriwether has acquired and developed over 2.6 million square feet of commercial real estate and invested nearly $200 million of equity in 32 transactions with a total capitalization exceeding $470 million. Additional information about Meriwether can be found at: www.meriwetherpartners.com.