Felton and Time Equities acquired Plaza West, built in 1982, inApril 2001 as part of a $100-million acquisition from ASAProperties of Honolulu that included 11 Northwest properties. ThePortland-region portion of the portfolio--623,000 sf worth of classA office, flex-industrial and retail space--sold for $45.4million.

At the time of the purchase, Plaza West had just 55% occupancy.Felton then pumped $350,000 into renovations of the lobby,elevators and other common areas, prompting at least one existingtenant to expand and several new tenants to relocate to thebuilding. The annual full-service asking rate in the building is$21.50 per sf.

Daren Duke of Colliers International represented Ashmead in thelatest transaction. PREM Group and Cushman & Wakefieldrepresented Felton.

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