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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.