Parkway Woods Business Park
PORTLAND—ScanlanKemperBard, in joint venture with RGA ReCap Inc., on behalf of Reinsurance Group of America Inc., has purchased Parkway Woods Business Park. The 378,300-square-foot property is located in the rapidly growing Wilsonville submarket of Portland, OR.
SKB originally purchased the property in 2015 as part of a joint venture with its investors and Oaktree Capital. Major improvements were completed that included a lobby renovation, the addition of a tenant lounge and fitness area, upgrades to the majority of the building's systems, the addition of a 9-hole disc golf course, and significant landscaping and improvements to signage.
The property's flexible single-story floor plans, abundant green space, and best-in-class amenities have attracted a diverse tenant base, such as Xerox, 3D Systems, and Dealer Spike, according to a prepared release.
The new joint venture seeks to enhance the existing improvements and tenant base through significant investment in capital improvements that are designed to cater to growing demand from light industrial, manufacturing, and R&D tenants. Additionally, the site includes over 4.5 acres of developable land that could accommodate approximately 85,000 SF of new industrial space for tenants seeking best in class functionality, excellent freeway visibility, and convenient access to the greater Portland metro area.
Post COVID-19 Investment
According to SKB Vice President of Acquisitions, Brian Hughes-Cromwick, "We believe the investment aligns with where we think commercial real estate is headed in a post COVID-19 world. Companies all across America are re-evaluating risks to their manufacturing and supply chains in a way that we expect to benefit from increased domestic manufacturing for the foreseeable future."
SKB and ReCap Real Estate Investments successfully navigated closing the investment in Parkway Woods through telework and remote interaction. The solid communication across teams, vendors, clients, partners, and investors was crucial to their success during this challenging time.
Telework is working and not just for this JV.
As GlobeSt.com previously reported, brokerage are using tech to successfully navigate remote work. For example, Travis Rodgers, executive vice president of NAI Partners, recently said that the company has been using technology over the last several months to continue to serve its clients. In fact, he said not only has the result closed deals, but the company has also avoided any furloughs, pay cuts or layoffs in its teams across Houston, Austin and San Antonio. "We're well positioned to continue helping our clients and new customers with their office, industrial and retail needs. We see this time as an opportunity for our clients to evaluate their real estate strategies as part of their overall business plans."
Last year, NAI Partners is just one of many companies that has adopted new technology tools including the company-wide implementation of Microsoft Teams, the now-essential online communication and collaboration platform. As more companies look forward, platforms such as these will continue to close deals and help position companies like NAI Partners, SKB and more to navigate uncertainty and continue to navigate uninterrupted.
SKB is an established real estate developer and operator based in Portland and since its inception in 1993, SKB has originated total portfolio activity of $4.58 billion, comprised of 30.2 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. ReCap Real Estate Investments, a wholly-owned subsidiary of RGA, is a commercial mortgage lender and real estate equity investor with the strength of a global reinsurer and the spirit of an entrepreneur. ReCap originates and manages a diverse portfolio of loans, with strong relative value and an emphasis on transactions between $3 million and $30 million. In addition, ReCap directly deploys capital across a diverse network of real estate equity investments of over $800 million of total invested assets to date.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
