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Summit Spends $4M on Two Leased Warehouses

HILLSBORO, OR-Summit Properties, a family-run operation that owns nearly 1 million sf of industrial property in the region, acquires two tilt-up warehouses on NW Wagon Way in Hillsboro for $4.05 million. The buildings are net leased to a company owned by the seller.

By Brian K. Miller | Updated on July 02, 2002

HILLSBORO, OR-North C’s Properties has sold two warehouses it owned on NW Wagon Way in Hillsboro. Summit Properties, a family-run operation that owns nearly 1 million sf of industrial property in the region, paid $4.05 million for the buildings, which total 74,000 sf.

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%.

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