Specht Sells Part Of Beaverton Creek For $51M
Portland-based Specht Co sold four phases of its Beaverton Creek Business Park. The properties—11 buildings totaling 380k SF—went to two separate buyers and were marketed by an HFF team led by Nick Kucha. DC-based Artemis Real Estate Partners and Cruzan, a California CRE investment firm, acquired three phases totaling 311k SF for more than $41M, reports the Portland Business Journal. HFF's debt placement team, led by managing director Casey Davidson, helped the buyers secure a $27M loan for the purchases. An unnamed buyer acquired the remaining 68k SF for more than $9M.
Sportswear giant Nike occupies all of the traded buildings. A Specht entity retains ownership of a separate six-acre parcel in the park next to the Beaverton Creek Light Rail Station. The developer has been working on the Beaverton Creek Business Park for nearly three decades. It purchased the 54-acre business park in 1988 when it had just one 50k SF building. [PBJ]