BEAVERTON, OR-A local investor has paid $4.5 million for 148,864 sf of office and industrial space from a real estate investment trust based in Southern California. The broker for the sale would not disclose the identities of the buyer or seller to GlobeSt.com.
Located in a mixed-use area at 10030 SW Allen Blvd., the complex consists of two buildings–a two-story office building and a one-story concrete tilt-up industrial building, both of which are connected. Built in 1970 on an 11.4 acre site, the buildings have recently undergone interior renovation.
The sole tenant in the complex is Chrysler Daimler Benz, which is utilizing the facility as its Northwest auto parts distribution center. Occupying the space for the past 20 years, Chrysler will run out its lease at the end of the year, with five year options available thereafter. Currently the automobile maker pays a blended rate of $1.94 per sf. If the company exercises its option, the rate will increase to $2.38 per sf as of December 15.
Kip Running, a broker with Marcus & Millichap’s Portland office, represented both sides in the transaction.