Portland-area office park sold for $130M to JV partnership
JLL Capital Markets arranged the sale of the close-in flex park in Beaverton, Oregon
PORTLAND, Ore., October 19, 2020 – JLL Capital Markets announced today that it has closed the $130 million sale of Nimbus Corporate Center, a 16-building, close-in flex office park totaling 691,036 square feet in the suburban Portland community of Beaverton, Oregon.
JLL marketed the property on behalf of the seller, Shorenstein. A partnership between a fund controlled by DRA Advisors LCC and Prescott Partners purchased the park.
Situated on 47.5 acres at 8910-9775 SW Gemini Dr. and 9203-9790 SW Nimbus Ave., Nimbus Corporate Center is in an amenity-rich, transit-oriented location adjacent to Washington Square Mall, Oregon’s highest-grossing mall, and visible from Highway 217. The office park is proximate to several transit centers, including the Hall/Nimbus WES Station, and is approximately six miles from Portland’s central business district. Completed between 1984 and 1991, Nimbus Corporate Center is leased to various tenants in the manufacturing, technology, professional services, telecommunications, financial services, insurance and government sectors. The property features adaptable spaces that meet the needs of a variety of users, individual building exclusivity, visibility and drive-up identity, tall clear heights and an abundance of parking.
The JLL Capital Markets team representing the seller was led by Managing Director Buzz Ellis, Senior Managing Director Michel Seifer, Senior Director Logan Greer, Director Adam Taylor and Associate Kaden Eichmeier.
“DRA and Prescott’s acquisition of Nimbus Corporate Center further solidifies the strength of the suburban office market in the greater Portland area,” Ellis said. “The market is demonstrating increased demand for suburban, flex office product as more millennials look to move to the suburbs along with tenants continuing to refine their real estate strategy during COVID-19.”
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 sales, 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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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.
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored 12 closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 67 million square feet in transactions with a gross investment value in excess of $16 billion.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $33 billion of real estate, including 79 million square feet of industrial, 59 million square feet of office, 82 million square feet of retail and 74,000 multifamily units. As of June 30, 2020, DRA has $11.0 billion in gross assets under management. For more information, visit: draadvisors.com.
About Prescott Partners
Prescott Partners is a full-service real estate platform specializing in acquisition, development, management and advisory services. With offices in Northern California and the Pacific Northwest, Prescott leverages deep local knowledge of primary west coast markets to provide clients and partners superior risk-adjusted returns. Prescott currently manages over one million square feet of commercial and multifamily assets. The firm’s principals have acquired, developed and sold over $1 billion in west coast real estate.