By IvyLee Rosario
Vista Investment Group, in partnership with Acre Valley Real Estate Capital acquired the Nimbus Oaks flex/business park in the Portland submarket of Beaverton, Ore. The transaction marks the company’s entry into the Portland real estate market.
Located at 9000-9560 SW Nimbus Ave., the 171,828-square-foot property was originally built between 1984 and 1985, in part for Nike. Now, the asset is home to tenants such as XO Communications, Kingcom, Opus Agency and the Northwest Regional Education Service District.
At a rate that is more than two times the state average, Washington County is experiencing tremendous population growth, as well as employment, affordable housing stock, good schools and a high quality of life drawing people to the area.
“Nimbus Oaks is a stabilized, high-yielding office property in one of the strongest submarkets in the Portland MSA,” said Jonathan Barach, president of Vista, in prepared remarks. “The property enjoys a significant amount of investment grade credit tenancy, and near-term lease expirations present an opportunity to mark rents to market. We were able to secure attractive acquisition financing, which enabled the property to enjoy double-digit cash-on-cash returns starting day one.”
JLL’s Capital Markets team of Buzz Ellis and Paige Morgan managed the sale on behalf of the seller, while Andrew Kirsh of Sklar Kirsh represented Vista Investment Group in the transaction. Kidder Mathews will handle leasing and property management for the asset.
Vista plans to invest up to $150 million in the Pacific Northwest over the next 24 months. Most recently, the company acquired Seattle Mart, an 82,218-square-foot mixed-use building located in the Delridge district of Seattle.
Image courtesy of Vista Investment Group