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.
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