North C's owns the specialty moving company that leases the buildings, located at 5665 NW Wagon Way. That company will remain in the space for at least another five years, says Dave Hill, the Grubb & Ellis broker who handled both sides of the transaction with G&E executive Brad Fletcher. The cap rate on the purchase is about 8.75%.

"This facility represented a solid investment opportunity for Summit Properties," said Yoshio Kurosaki of Summit Properties. "Net leased investments in the Portland market are difficult to find and, despite the current market downturn, we believe that market fundamentals in Portland remain strong."

Last fall, Summit paid $4.4 million for the 45,000-sf New Tech Electric Building in Hillsboro, another tilt-up had a 50% office build out. That, too, was a long-term sale-leaseback, says Hill.