Specht Sells Beaverton Creek Business Park Buildings
The Specht Company (Specht) and its affiliates recently sold four phases of its Beaverton Creek Business Park, located in Beaverton, Ore. The property was marketed by Holliday Fenoglio Fowler, L.P. (HFF), which closed sales with two separate buyers, along with arranging $27 million in financing for one of the buyers.
The entire sale consisted of 11 buildings totaling 380,050 square feet and one 2.4-acre parcel of land, all of which have been leased by Nike. Artemis Real Estate Partners and Cruzan purchased three phases of the property (comprising 311,337 square feet) for $41.55 million. The other 68,713 square foot phase was purchased for $9.5 million by a separate buyer. Another Specht entity retains ownership of a separate six-acre parcel in the Beaverton Creek Business Park immediately adjacent to the Beaverton Creek Light Rail Station that is also leased on a long term basis to Nike.
“We’ve had a long, successful history with Beaverton Creek Business Park. We purchased the 54-acre park in 1988 when it only had one 50,000 square foot building and then subsequently developed a total of 575,551 square feet in the park with our partners,” said Greg Specht, CEO of the Specht Companies. “Nike has been a Beaverton Creek tenant since 1991, when they were located in a small office building on SW Murray Blvd. That 4,000 square foot space was used as a showroom until the Nike headquarters campus was completed.”
HFF additionally assisted one of the new owners (Artemis Real Estate Partners and Cruzan) in securing a 10-year, fixed-rate acquisition loan through a correspondent life insurance company lender. The HFF investment sales team representing the seller was led by senior managing director Nick Kucha. HFF’s debt placement team was led by managing director Casey Davidson.
Since June of 2014, Specht and its investment partners have purchased and began construction on a total of 1,577,000 square feet of speculative industrial developments in the Portland metropolitan area. Most recently purchasing 38 acres from the Port of Portland and commencing construction on Vista Logistics Park in Gresham, Ore. — the area’s largest speculative industrial project ever launched as a single phase (732,824 square feet) development.