NAI NBS Brokers Two Tigard Office Leases Totaling 40K SF

NAI Norris, Beggs & Simpson brokers represented the landlords in two recent Tigard office leases totaling more than 40,000 sf.

State Farm Mutual Automobile Insurance leased 23,712 sf at the Fanno Creek Building B on Upper Boones Ferry Road. NAI NBS' Chris Johnson, John Medak and MaryKay West represented the landlord.

State Farm will relocate its administration and a small claims department from a nearby building in January. It leased the first and second floors, and was especially attracted to Fanno Creek because it was able to accommodate special needs, including a roll-up door on the ground floor.

Fanno Creek delivered in 2008 and has been vacant until this lease, which takes the building to 50 percent occupancy.

“Getting a quality tenant such as State Farm to relocate to this project, in this business environment, is sure to promote strong momentum for the remainder of the lease-up,” Johnson said.

CNA Insurance leased 17,443 sf at Pacific Parkway Center on SW 68th Parkway. NAI NBS' Jennifer Medak, John Medak and Andrew Rosengarten represented the landlord, PacTrust.

CNA’s lease was complex, as the brokers had to restructure four other leases within the building to accomodate CNA’s size needs. CNA also leases from PacTrust in Dallas, and the company was attracted to Pacific Parkway Center because of the building’s quality, aggressive rental structure, and attentive ownership and management.

The NAI NBS team has taken Pacific Parkway Center from about 58 percent leased a year ago to 82 percent leased today.

John's Incredible Pizza Coming to Portland

John’s Incredible Pizza, a family entertainment restaurant with ten locations in California, has leased space in the Portland metro area to open its first restaurant in the Pacific Northwest.

John’s leased 46,212 sf at the former Circuit City at Washington Green Shopping Center, 9180 SW Hall Boulevard, Tigard, Oregon. NAI Norris, Beggs & Simpson Real Estate Broker J.J. Unger and NAI Capital Senior Vice President Irwin Hyman represented the tenant. Hyman, out of NAI Capital’s Encino office, represents John’s in California, and through the NAI Global network teamed up with Unger when the company wanted to expand into the Pacfic Northwest.

A multitude of big box spaces have become available in the last two years with the closures of chains like Circuit City, Linens ‘n Things and Joe’s Sports, Outdoors & More.

“Landlords can find interested tenants, but in this market it’s been a challenge putting together a deal that works for both parties, and most importantly, finding a tenant that’s a fit for the merchandising plan of the shopping center,” Unger said. “It is a great win for Portland to gain such a unique new tenant from out of the area.”

The restaurant is expected to open in the First Quarter of 2011 and will create about 110 full- and part-time jobs.

John’s chose Portland to expand because it saw the opportunity to fill a niche that’s traditionally been underserved for entertainment, Unger said. The restaurant also believes it will be a good fit because of the weather – rain or shine, it will give families an indoor entertainment option and be a venue with the capacity to cater to large corporate functions. Though the Portland location is John’s Incredible Pizza’s first foray out of California, it has plans for more.

“We are pleased to bring our family-focused restaurant and entertainment facility to Portland,” said John’s Incredible Pizza Owner and Founder John Parlet. “We have been eager to expand our concept outside of California and found the perfect site in Portland and are excited to become an integral part of the community.”

John’s Incredible Pizza offers an affordably-priced all-you-can-eat buffet. It serves pizza, including classic varieties and signature ones like spicy peanut butter, macaroni and cheese, and cheeseburger pizzas. It also has a full salad bar, soup, pasta, and dessert buffet. It has a number of themed dining rooms, and an array of rides and games, including carnival-style rides and video and ticket-dispensing games. John’s hosts birthday parties, business events, lock-ins and more.

NAI NBS Represents Seller in Sale of Tigard Office Building

City County Insurance Services has purchased the 13,593 sf office building at 11625-11675 SW 66th Ave. in Tigard for $2.25 million. NAI Norris, Beggs & Simpson's Chris Johnson, MaryKay West and Charlie Floberg represented the seller.

The building was constructed in 1963 and is close to I-5 and Pacific Highway. It sits on more than an acre of land.

Check out Costar's coverage of the sale here.

NAI NBS Brokers $8.2M Sale of Dartmouth Square

Tualatin Valley Fire & Rescue has purchased Dartmouth Square, a 38,000 sf office building in Tigard, for $8.2 million. NAI Norris, Beggs & Simpson Executive Vice President Chris Johnson, SIOR, and Vice Presidents MaryKay West, CCIM, John Medak and Jennifer Medak represented the seller, Dartmouth Square LLC.

Dartmouth Square, a three-story Class A building, is at 11945 SW 70th in the Tigard Triangle, close to I-5 and Highways 217 and 99. Tualatin Valley Fire & Rescue was attracted to the location and quality of the building, and will use it for administrative offices.

Dartmouth Square delivered in November 2008 and has been vacant until now.

“We were very fortunate to line up an owner/user such as Tualatin Valley Fire & Rescue in this very challenging, capital-starved real estate market,” Johnson said. “The fact that they were an all-cash buyer made this transaction doable.”

Read CoStar's write-up of the sale here.