The Portland-based real estate merchant banking and development advisory firm acquired 16277 S.E. 130th Ave. from Cascade Area Properties (Oregon) LLC. Located on 11.57 acres in the I-205 Distribution Corridor, it is fully leased by Cornell Pump Co. and USF Reddaway, a subsidiary of US Freightways Corp.
SKB acts as a fiduciary for approximately 225 investors representing more than $115 million in real estate investment. Company Principal Robert Scanlan was not immediately available for comment Tuesday afternoon.
Sunrise Corridor Business Center is the third major property acquisition since this spring, when it paid $20.76-million for a 47,000-sf retail center in Portland and $21.85 million for a 214,000-sf office building in Downtown Los Angeles. Around the same time, it sold the investment firm it acquired in March 2000 and added a new head of development.
The retail center, Uptown Shopping Center, is a residential and retail development at 23rd and Northwest Burnside that includes a fully leased 72,000-sf shopping center, 47 apartment units and a "potentially developable pad" of about 55,000 sf. The shopping center was the firm's fifth retail purchase and its first in Portland. The seller was Federal Realty Investment Trust of Rockville, Md. Federal Realty purchased the property in 1997 for around $16 million.
Prior to the Uptown acquisition, SKB also acquired some human capital from Federal Realty, bringing on board, Jim Kessler, Federal Realty's former chief development officer, to handle acquisition and oversight of all retail properties, a new focus of the firm.
At around the same time, it closed on a joint venture acquisition in Downtown Los Angeles with The Praedium Group, a New York-based investor. The duo acquired the 213,752-sf, 16-story 800 Wilshire Building in Downtown Los Angeles from Sumitomo Life Realty. The building, built in 1971, was 85% leased at the time of sale.
On the disposition side of things, it was also this year that SKB announced is was selling the investment firm it acquired in March 2000 in order to accelerate decision making and take advantage of new opportunities in the down economy. Capital West Associates Inc. was sold back to the principals from whom it acquired the business, Linda Lucas and George Bean, who have been, and will continue to work out of SKB's Portland offices, specializing in small corporate pension funds, endowments and foundations.
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