PORTLAND, OR—Woodside Palisades Partners, a venture of Joaquin de Monet of Palisades Capital Realty Advisors and two Silicon Valley investors, says its two class A office buildings at 9500 and 9600 N.E. Cascades Parkway, are exceeding investor expectations due to a seamless operational transition of the property and attractive financing.
The properties are located in Cascade Station, a mixed-use development at the gateway to Portland International Airport.
The 4.5%, interest-only financing of the buildings—Cascade Station I and II— is contributing to the current 13.9% return on investment. They are the first investment made by Woodside Palisades Partners, which is targeting income-producing, quality core-plus assets with opportunities to add value in high-growth, suburban Western markets with strong yields and capital appreciation.
The firm's focus fills a void in the investment picture for similar properties at $25-50 million price points.
“The success of our Cascade Station acquisition affirms the strength of our core-plus strategy in our target markets. We specialize in finding inefficiently priced properties and then negotiating well-timed, smartly structured deals that can generate outsize returns in the current interest rate environment,” said co-founder de Monet. “U.S and international private investors are showing tremendous interest in this type of product,” he added.
Cascade Station I and II total 127,000 square feet, of which only 5,000 square feet remain available for leasing through a dedicated marketing campaign. The site is conveniently located adjacent to a key light rail airport connector and a mix of big-box and name brand retail, several restaurants and three hotels. Trammell Crow constructed the complex during the run-up to the recession; another attraction to tenants is Cascade I's green construction, which earned LEED certification at the Gold level.
De Monet, the former executive of Arden Realty/GE and GE Capital businesses, has a long-standing track record in the United States and Latin America, successfully executing large equity and debt transactions and leading high performance global teams for major real estate investment and operating companies. To date, he has arranged and managed more than $10 billion of real estate investments worldwide.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
