Felton and Time Equities acquired Plaza West, built in 1982, in April 2001 as part of a $100-million acquisition from ASA Properties of Honolulu that included 11 Northwest properties. The Portland-region portion of the portfolio--623,000 sf worth of class A office, flex-industrial and retail space--sold for $45.4 million.
At the time of the purchase, Plaza West had just 55% occupancy. Felton then pumped $350,000 into renovations of the lobby, elevators and other common areas, prompting at least one existing tenant to expand and several new tenants to relocate to the building. The annual full-service asking rate in the building is $21.50 per sf.
Daren Duke of Colliers International represented Ashmead in the latest transaction. PREM Group and Cushman & Wakefield represented Felton.
Ashmead isn't the only vocational school in the region leasing space. Last month, Apollo College of Portland leased 13,716 sf of office space on the third floor of Lloyd Center Mall.
The school for dental and medical assistants is relocating the bulk of its operation from Skidmore Limited Partnership's Center 205 development near Mall 205, where the school will continue to maintain a presence.
As well as moving to the mall, Apollo College is adding curriculum, specifically professional massage school, says Sabel. The college will reportedly be setting up kiosks in the mall where hone their skills on tense shoppers.
Asking rates in the 100,000-sf office portion of the mall are $17.50 per sf. The Apollo lease is said to have included a $20-per-sf tenant-improvement allowance.
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