Search
 

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 real estate investment firm 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.

Equastone acquired AmberGlen Business Center from the Portland, OR-based real estate merchant banking firm ScanlanKemperBard Cos, whcih paid $54.82 million for the property in mid-2005. 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.