Recently, 11740 SW 68th Pkwy, LLC, an investment partnership led by Melvin Mark Companies and Becker Capital Management, recently purchased a two-story brick office building for $10.5 million.
The HCA Building is located at 11740 SW 68th Parkway in the Tigard Triangle. The Oregon Medical Association, Oregon Healthcare Association, and The Partner’s Group fully occupy the building. A partnership comprised of the three tenants, Health Care Associates LLC, is the seller.
The 34,000-square-foot building was built in 2007 and made for an attractive investment. Its high-quality tenant mix, stable long-term leases, excellent building condition, area amenities, and convenient access to I-5 added to its appeal.
“The property’s fundamentals are very strong,” said Melvin Mark Brokerage Company broker, Nick Ehlen. “Not only is it in a fabulous location, it is some of the best Class A office space available and has close proximity to downtown Portland’s central business district, yet it is still outside of Multnomah County.”
A Continued Partnership
The HCA Building is the second partnership investment for Melvin Mark and Becker. The two work together to find market opportunities attractive to real estate investors. Bullish on the Portland metro area, the partnership has been in acquisition mode for some time. It was seeking the right property to appeal to investors. Their first investment was in 1631 NW Thurman. The property was a successful 65,000-square-foot creative office property located in the north end of the Pearl District.
Pat Becker, Jr., president of Becker Capital Management added, “Our two investments for the Becker/Mark partnerships follow Becker’s long standing investment discipline of buying quality assets at reasonable prices.”
“Much of the market’s investment activity has been in urban core assets, said Jim Mark, Melvin Mark Companies CEO. “The suburbs have not seen the same buying frenzy as the close-in markets. It may be contrarian to look at suburbs right now, but the market’s potential intrigues us.”
Brokers Chris Johnson and MaryKay West, Colliers International, represented the sellers. Ehlen and Peter Andrews, Melvin Mark Brokerage Company, represented the buyers. Melvin Mark will manage and lease the building.