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HILLSBORO, OR-Bedford Property Investors has acquired the one building at Sun Tech Corporate Park it didn’t already own. Following up on this spring’s acquisition of the park’s two fully leased buildings, the publicly traded REIT from Lafayette, CA has acquired the third, an 83,000-sf flex office product that has never been occupied and is in shell condition. Bedford acquired the three-year-old building from Insignia (now part of CB Richard Ellis). The sale price was $3.8 million or $46.20 per sf, which is less than two-thirds of the building’s estimated replacement cost.Sun Tech Corporate Park is located on Aloclek Drive, which is off Northwest Evergreen Parkway in the Sunset Corridor. In April, Bedford paid $19.4 million for the two other buildings at Sun Tech, twin 63,000-sf buildings fully leased on a long-term basis by Santa Clara, CA-based Sun Microsystems and Merant Corp. Dave Burback with Sperry Van Ness in Portland represented Bedford in the acquisition of Building 3. A CB Richard Ellis brokerage team led by Lou Lauman represented Insignia. Burback says Bedford is now in the process of interviewing brokers for the leasing assignment. If there’s a tenant to be had in the tech-wrecked-but-recovering Sunset Corridor, it might not be a hard sell. Simple math based on the price paid says Bedford could spend another $30 per sf to build out the building as office and still be able to offer below-market rents while achieving a 10% capitalization rate.

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