ScanlanKemperBard (“SKB”), with Newmark (“Newmark”) as their advisor, has successfully completed the recapitalization of Parkway Woods Business Park, a 378,300-square-foot suburban campus on 70-plus acres. The property, which was formerly a campus for Tektronix and then Xerox, has since undergone significant common area renovations and is currently leased to two tenants-3D Systems, a printing and scanning company and Dealer Spike, an online RV and marine dealership.
The seller, Parkway Woods Business Center LLC, a joint venture between SKB and Oaktree Capital, was represented by Newmark’s Vice Chairman Nick Kucha, Managing Director James Childress and Director Jeff Hodson in cooperation with Co-Head of U.S. Capital Markets Kevin Shannon and Senior Financial Analyst James Ikeguchi . The buyer, Reinsurance Group of America (“RGA”), was self-represented. SKB will stay as a partner in the investment to help execute a strategic repositioning of the property.
Parkway Woods is currently a mixed-use business park featuring best-in-class amenities, including an abundance of parking, on-site public transportation, a lounge and fitness facility, a newly renovated lobby, an on-site snack shop, rotating food trucks, a disc golf course, a basketball court and outdoor space.
Comprised of three interconnected single-story buildings, SKB and RGA plan to reposition the property’s large floor plates and leverage the premiere amenities to meet the needs and size requirements of a wide range of light industrial, manufacturing and R&D tenants. Additionally, the site includes over 4.5 acres of developable land that could accommodate approximately 85,000 square feet of new industrial space.
“This investment aligns with where we believe commercial real estate is headed in a post-COVID-19 world. Companies all across America are re-evaluating risks to their manufacturing and supply chains, which we expect will benefit domestic manufacturing in a structural manner for the foreseeable future.” said SKB Vice President of Acquisitions, Brian Hughes-Cromwick.
Kucha added, “I would like to acknowledge and congratulate all parties involved including SKB, Oaktree Capital, RGA and Bridge for their professionalism and deal-making skills in order to transact during these unprecedented times. Industrial assets are generally a more resilient property type during times of volatility, and we are looking forward to SKB and RGA’s redevelopment plan. Once complete, Parkway Woods will capture the most active segment of the Wilsonville leasing market.”
The property’s prominent location along Interstate-5 provides excellent access to the greater Portland area. The campus is served by the city of Wilsonville’s SMART bus system which accesses the greater south metro area. There are also several dining and shopping amenities available at Argyle Square, a nearby Shopping Center.
ScanlanKemperBard (“SKB”) is an established real estate developer and operator based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.58 billion, comprised of 30.2 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. Visit SKB online at www.skbcos.com to learn more.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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