American Industries Safely Enters Office Market

PORTLAND-American Industries made its first solo office purchase last month when it acquired Highlands Plaza, a 51,000-sf, 98%-leased multi-tenant medical office building in Sylvan, for $5.4 million. The seller was SMP Opportunity Fund III, a fund of Portland-based Scherzer-Moore Partners, which acquired the property in 1986, the year it was built, for $3.94 million, according to records supplied by Oregon Title Insurance Co.

American Industries’ Bob Savage tells GlobeSt.com that he was made aware of the property by the firm that manages its properties, Elliott & Assoc., which also managed Highlands Plaza. “Portland has a large pool of qualified buyers that quickly will snap up purchase opportunities in this size and yield range,” says Savage, “so we’re glad Elliott managed it and brought it straight to us.”

To finance the purchase, American used proceeds form a recent land sale in Sacramento. “The deal was brought to us about 40 days before we purchased it and it just happened to coincide with our sale in Sacramento and the seller’s desire to close prior to June 1,” Savage tells GlobeSt.com.