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Equastone Makes $68M Portfolio Buy

SAN DIEGO-The real estate investment firm makes a second dip into the Oregon market this year with the acquisition of eight office and R&D buildings totaling nearly 550,000 sf.

By Daniel D. Williams | Updated on April 30, 2007

SAN DIEGO-Equastone is on a bullish acquisition plan that calls for some $1 billion in investments this year. The company has already tapped into roughly $200 million for property in 2007. Most recently the firm made its second pick up this year in Oregon with a $68-million portfolio buy.

The real estate investment firm acquired AmberGlen Business Center from Portland, OR-based SKB. The office and R&D portfolio includes eight buildings totaling 536,501 sf. The portfolio was roughly 60% occupied at the time of sale and the acquisition also includes a land parcel with a 22,000-sf building.

This latest buy gives Equastone 700,000 sf of commercial space added in the Portland area this year. But the firm doesn’t plan to hold all of it, for long. Jeff Schindler, Equastone’s chief investment officer, says the company will market for sale as much as half of the portfolio immediately.

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