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Consolidated-Tomoka Picks Up Portland Property for $40M
Florida-based Consolidated-Tomoka Land Co. acquired an approximately 212,000-square-foot, single-tenant office complex in Portland, OR’s Sunset Corridor from Phoenix-based Vereit for $39.8 million, or $188-per-square-foot. The asset is situated on roughly 19 acres, and is 100% leased to Wells Fargo Bank N.A. under a triple-net lease with a remaining term of approximately eight years.
Wells Fargo has occupied the property for more 23 years. The transaction is expected to be part of a 1031 like-kind exchange.
Located at 18700 NW Walker Road in Hillsboro, the site is near both the 320-acre Nike World Headquarters and the 530-acre Intel Ronler Acres Campus.
Capital Pacific marketed the property offering, and Colliers International handles the leasing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
