December 5, 2017
Foster City, CA-based SteelWave and Barings Real Estate Advisers, acting on behalf of an institutional investor, acquired 400 Sixth Ave. in Portland, OR for $68 million. The seller of the 208,477-square-foot, Class A office tower was Felton Properties.
Located in the CBD, the 11-story multi-tenant TOD property features up to 17-foot slab-to-slab heights, unique 10-foot window lines, and provides unobstructed views of Mt. Hood.
SteelWave’s Peter Llorente says, “We have been evaluating the Portland market for two years, and are excited to make our entry into Portland, in this cycle, by acquiring an asset with such great potential. With our partner, Barings, we have significant improvement plans for this asset.”
NKF Capital Markets’ Nick Kucha and James Childress represented the seller.
Kucha says, “The buyer plans to reposition this well-located asset to creative office, and will add to and modernize the existing amenities in order to create a best-in-class tenant experience.”
For comments, questions or concerns, please contact Dennis Kaiser