NAI NBS Brokers $7.1M Sale of Tanasbourne Retail Property

StanCorp Real Estate LLC has sold Tanasbourne Lot 19 – Retail, a 7-acre property in Hillsboro with three retail buildings totaling 21,154 sf, to Atlas Investments for $7.1 million. Tenants are Stanford’s Restaurant & Bar, Red Robin and US Bank. NAI Norris, Beggs & Simpson Executive Vice President Chris Johnson and Vice President MaryKay West represented the seller.

The buyer, a local investment company, immediately recognized the quality of the property and its investment potential, leading the property to be under contract in just two weeks, and to close in a relatively short period of time.

“It’s nice to see strong interest in triple-net leased investments,” Johnson said. “This is a good indicator that investment activity will be improving in 2011.”

The property’s location, at 2550-2770 NW 188th Ave., was key. It has outstanding visibility and lies in the heart of Tanasbourne, which has seen considerable commercial and residential growth in recent years. It is close to sites of significant economic development, including the Intel campus, the new Kaiser Westside Medical Center, and the campuses of companies like Genentech and SolarWorld.

The tenants, all well-established and solid performers, were also draws. Though the recession was challenging for restaurants, both Stanford’s and Red Robin saw significantly better sales in 2010 than in 2009.

Two NAI NBS Brokers Recognized at NAI Global 2011 Convention

Two NAI Norris, Beggs & Simpson employees were recognized at NAI Global’s 2011 Convention in Las Vegas last week.

Executive Vice President Roger Qualman, who manages NAI NBS’ Vancouver, Washington, office and oversees the company’s industrial sales team, received the Chairman’s Award. It recognizes the NAI Business Director who best exemplifies the “right stuff” as it relates to the effective management of an NAI office, including leadership, business generation, service delivery, participation in enterprise initiatives and integration of NAI tools and resources throughout the firm. Qualman is pictured at right accepting the award from NAI Global President Jeff Finn.

Real Estate Broker Ross Connor, who specializes in industrial properties, was named to the NAI Global Elite, a group comprised of the organization’s top performers and top producers. He qualified as a Top Performer at the Elite level based on 2010 production.

Portland Investment Market Seeing Signs of Life

MaryKay West, who specializes in investment sales in NAI NBS' Capital Asset Group (CAG), has a column in today's Daily Journal of Commerce. West says that though the investment market certainly hasn't completely recovered yet, 2010 was a big improvement over 2009, and momentum is building in the Portland metro area.

Here's a brief excerpt:

In 2010 we saw a total of $754.1 million in transactions ($500,000 and larger) in the tri-county area. This number, although only 24 percent of the total volume of 2007, is still encouraging because it represents a 19 percent increase over 2009. Last year also saw a rise in the number of transactions greater than $10 million, and all product types were represented in this category - another promising sign.

Rent trends seem to have reversed course - rates are leveling off and perhaps even rising. Vacancy rates are dropping slightly and absorption is rising slowly - however, this is as much a function of no new construction as it is of few new companies leasing up more space. Cap rates are dropping again, but not precipitously, and most of the movement is for trophy properties. Interest rates are still very attractive.

All in all, it appears the market correction has started, but it will take a while to turn the ship - which is actually a good thing. Significant volatility tends to breed uncertainty and uncertainty tamps down real estate investment activity.

The whole article can be accessed here.