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Gantry Secures $9.5M for Portland Office Campus Buy
Gantry has secured a $9.5 million loan for the acquisition of a mid-rise office campus located at 2025 & 2035 NE Cornelius Pass Rd in Hillsboro, Ore., a Portland MSA suburb.
The 17.7-acre campus houses two high-quality, five-story office buildings, totaling 226,000 square feet of space and were purchased for a total of $17 million. Current occupancy includes high-profile credit tenants with borrower plans for a strategic leasing program already underway.
Gantry’s Mark Ritchie, Principal, and Keegan Bridges, Associate, with the firm’s Los Angeles office, represented the borrower, a Los Angeles-based private investor. The fixed-rate, interest-only loan was secured from one of Gantry’s correspondent insurance company lenders.
“We are seeing insurance company capital willing to finance office acquisitions in some markets, and we expect to see more assets trading as current owners and lenders choose to get office buildings off of their books,” said Ritchie.
