(To read more on the industrial market, click here.)
HILLSBORO, OR-Komatsu Silicon America's former silicon wafer coating facility here has changed hands for the third time in three years, with everyone but Komatsu making a tidy profit on the 46-acre, 400,000-sf property.
Most recently, Benaroya Co. and Real Property Investors sold the asset for $40 million to Solarworld AG, which plans to invest an additional $394 million, transforming the property into the largest solar factory in North America. No broker was involved in the transaction.
Benaroya and RPI, both of Seattle, paid $22 million for the property late last year with plans to transform it into a multi-tenant property before Solarworld began eyeing the property. Benaroya acquired the property from multimillionaire Raymond Park, which paid Komatsu $5 million "plus other consideration" for the campus and an additional 48 acres of adjacent undeveloped land in 2004. Real Property Investors' Mike McKernan tells GlobeSt.com that the sale to Solarworld includes the option for the additional acreage. The option has six months remaining.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.