The buyer is Erickson Realty Ltd., owner of the 82,000-sf Hoffman Columbia Plaza in Downtown Portland and three buildings in Beaverton's Griffith Park. Operating under the name Beacon Homes, the seller was Kurt Dalbey, the former owner of The Equity Group Inc. Realtors. Neither Dalbey nor Erickson principal Herb Rupp was available for comment Monday afternoon.

Chris Johnson, executive vice president of Norris Beggs & Simpson, handled both sides of the transaction. Calling it a good long-term investment for Erickson that diversifies the company geographically, Johnson tells GlobeSt.com that the Vancouver office market tightened up quickly and considerably last year when the Bonneville Power Administration leased 146,000 sf in five buildings, including half of the Park Place development. "It basically eliminated vacancy in the Vancouver Mall market," Johnson tells GlobeSt.com.

Dalbey acquired the land for Park Place approximately two and a half years ago and completed construction one year ago. Dalbey, who was on his way to Hawaii Monday, owns residential and commercial property throughout Oregon and Washington under the Beacon Homes name. But he is better known as the founder of The Equity Group Realtors, which he grew from one office and six agents in 1984 to 16 office and 700 agents before selling out to a subsidiary of global franchiser RE/MAX International in December 2000.