A two-story brick office building has been purchased for $10.5 million by 11740 SW 68th Parkway LLC, an investment partnership led by Melvin Mark Companies and Becker Capital Management.
Located at 11740 SW 68th Parkway in the Tigard Triangle, the HCA Building is fully-occupied by The Oregon Medical Association, Oregon Healthcare Association, and The Partner’s Group. A partnership comprised of the three tenants, Health Care Associates LLC, is the seller.
Built in 2007, the 34,000-square-foot building made for an attractive investment due to its high-quality tenant mix, stable long-term leases, excellent building condition, area amenities, and convenient access to I-5.
“The fundamentals of the property are very strong,” said Nick Ehlen, broker, Melvin Mark Brokerage Company. “Not only is it in a fabulous location, it is some of the best Class A office space available with close proximity to downtown Portland’s central business district, yet still outside of Multnomah County.”
The HCA Building is the second partnership investment for Melvin Mark and Becker, who work together to find market opportunities attractive to real estate investors. Bullish on the Portland metro area, the partnership has been in acquisition mode for some time, seeking the right property to appeal to investors. Their first investment was in 1631 NW Thurman, a successful 65,000-square-foot creative office property located in the north end of the Pearl District.
Pat Becker, Jr., president of Becker Capital Management added, “Our two investments for the Becker/Mark partnerships follow Becker’s long standing investment discipline of buying quality assets at reasonable prices.”
“Much of the market’s investment activity has been in urban core assets, while the suburbs have not seen the same buying frenzy as the close-in markets,” said Jim Mark, CEO, Melvin Mark Companies. “It may be contrarian to be looking at suburbs right now, but we’re intrigued by the market’s potential.”
Brokers Chris Johnson and MaryKay West, Colliers International, represented the sellers. Ehlen and Peter Andrews, Melvin Mark Brokerage Company, represented the buyers. Melvin Mark will manage and lease the building.