The seller was VF Corp., which sold Jantzen Inc. to Perry Ellis International for $25 million in March 2002. Local real estate sources say Perry Ellis was out in the market looking for a new location for Jantzen Inc. several months ago, but ultimately opted to stay put, either through a new lease or a lease extension. Neither Joe Weston nor Weston employee Keith Vernon returned phone calls seeking comment on the term of the lease but, given the economy, it is unlikely anybody would re-sign for a term of less than five years and it's unlikely an owner would allow a lease any longer.

The three buildings on the property include a 75,000-sf office building, a 70,000-sf industrial building and an 18,000-sf building that includes offices, a café and a warehouse. The transaction also includes a parking lot across Sandy Boulevard from the main property. Katy Durant of Trammell Crow Co. had the disposition assignment with partner Gary Gilbert. Durant says the property quickly drew several offers from local buyers.

Nine months ago, Weston acquired the 200,000-sf 1515 Building in Downtown Portland for $27.87 million. Additionally, Weston's local portfolio includes the Commonwealth Building, the Terminal Sales Building and The Tiffany Center.