Three Flex-Office Transactions Close

PORTLAND-In one of three recent flex transactions, Wyse Investments has purchased a 30,000-sf building in the Cornell Business Park in Hillsboro, Ore., for $2.9 million. The building (1300 NE 48TH Ave.) is fully leased and based on current rent income the capitalization rate on the deal is 9%. The seller, Milestone Investments Co., was represented by Mike Thomas and Cliff Finnell of Grubb & Ellis. Wyse was represented by George Slevin of Macadam Forbes.

The other two recently closed deals were leases. Kleinfelder, an engineering design firm, renewed and expanded its lease at PS Business Park’s Woodside Corporate Park in Beaverton. The firm signed a seven-year lease for 12,680 sf at 15050 Koll Parkway. Asking rents for space in the development are right around $1 per sf per month, NNN. Grubb & Ellis’ Dave Squire and Brandon Frank represented the lessee. John Kohnstamm and Regan Carter of Colliers International represented PacTrust.