Newmark Capital Markets has completed the $32.25 million sale of Sunset Corporate Park III, a 103,279-square-foot, office property located at 21375 NW Bennett Street, Hillsboro, OR.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Ken White and Dave Squire, and Directors James Childress and Bill DeLacy represented the seller, an institutional investor. The buyer, Crown Realty & Development, was represented by its Chief Operating Officer, Kreg Groat.
Located next to Intel’s Ronler Acres Campus and within the Sunset Corridor submarket, the single-tenant office property is 100 percent leased to Wells Fargo. The Sunset Corridor submarket is home to some of Portland’s best-known technology and corporate giants, including Intel, Nike, Genentech, Salesforce, Epson, Oracle, and Kaiser Permanente.
“The sale of Sunset Corporate Park III is a testament to the strength and desirability of the Sunset Corridor submarket as well as the credit and investment quality of Wells Fargo,” said Kucha.
Squire said, “The sale of Sunset Corporate Park III allowed the seller to take advantage of current investor demand for assets with long-term leases with investment grade, credit tenants. The Sunset Corridor is experiencing tightening vacancies and increasing rents. At the same time there is no speculative construction underway-or planned.”
DeLacy added, “This offering was well received, in part because of the credit tenant profile of Wells Fargo, the strong occupancy history of the property, and the strong fundamentals of the submarket. We are seeing newfound capital interest in the suburbs for well-located assets with compelling tenant profiles or mark-to-market opportunities.”
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.