Sun Life Financial Hunting for More Portland-Area Assets

After chasing deals for the last 24 months, the Toronto-based financial services organization had an offer accepted earlier this year. As a result, it is the proud new owner of Plaza West, a 67,165-sf office building located adjacent to Lincoln Center in Downtown Tigard.

The five-story building at 9600 South West Oak St. is 90% leased to 13 tenants including Ashmead College, which occupied one-third of the building. Sun Life paid $9.4 million for the 19-year-old building; the sale closed March 27. The seller was a joint venture of Felton Management Corp. of Westport, Conn., and Time Equities Inc. of New York."We've been looking for about two years," Sun Life Senior Investment Officer Matthew Capofreddi tells GlobeSt.com. "We've made a lot of offers."

And more offers are on the way. Capofreddi says Sun Life will remain on the hunt for Portland-area properties that fit the firm's criteria, which is generally office, industrial and retail properties in the $5-million to $20-million range. The company usually holds properties for 10 years, he says.

"We're definitely looking to add more stuff," says Capofreddi. "It's a little slow right now, but long term it's a great market with good fundamentals."

Felton and Time Equities acquired Plaza West in April 2001 as part of an 11-building Northwest portfolio it acquired from ASA Properties of Honolulu for about $100 million. At the time they purchased the building, it was at 55% occupancy. When Ashmead College inked its seven-year, $3-million lease deal last June for 18,249 sf, the building hit 85% occupancy.

Sun Life was represented in this transaction by the Portland-based brokerage firm Norris Beggs & Simpson, which also will manage the building. Sun Life now owns four properties in the Northwest. Capofreddi says the other three are office buildings in the Washington State cities of Renton, Federal Way and Olympia.