Bedford Buys Suntech Corporate Park

HILLSBORO, OR-Bedford Property Investors Inc. has paid $19.4 million for Suntech Corporate Park, a two-building 126,809-sf office/R&D complex here that is fully leased by Santa Clara, CA-based Sun Microsystems and Hillsboro-based Merant Corp. The publicly traded REIT from Lafayette, CA, says the property should generate a first year cash yield of 9.89%. The two buildings are located in Portland’s Sunset Corridor at 3295 and 3445 NW 211th Terrace, Hillsboro, OR. Both buildings contain about 63,000-sf of lettable space. Merant occupies the building at 3445 NW 211th Terrace; Sun Microsystems occupies the other. Although he declined to confirm the names of the tenants, Bedford SVP Stephen Silla tells GlobeSt.com that both tenants have long-term leases in place.The acquisition, partially funded with the proceeds from Bedford’s recent preferred equity offering, marks the company’s first operating property in the Portland market since it sold Twin Oaks Business Park and Twin Oaks Tech Center several years ago. Bedford acquired 5.2 acres at Southshore Corporate Park in Northeast Portland in 2002, but has yet to develop the property.