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The three way partnership of Bain Capital and Evergreen Medical Properties has bought a 60,000-square-foot medical workplace constructing in Lake Oswego, Ore. Shorenstein offered the asset for $14 million, and the customer took out a $2 million acquisition mortgage from Columbia Neighborhood Credit score Union, public data present.
The Lake Oswego submarket is going through an under-supply difficulty from a health-care facility perspective, therefore the choice to speculate on this asset, stated Evergreen Medical Properties President Josh Richmond in ready remarks. Demand for medical workplace buildings continues to be on the rise throughout markets nationwide.
The property was beforehand topic to a mortgage obtained in 2023 from Financial institution of America, which had a maturity date set for 2026. The asset final modified arms in 2007, as a part of a $1.1 billion portfolio transaction through which Shorenstein bought 46 properties from EQ Workplace, incorporating 3,882,036 sq. toes of workplace house within the Portland market, based on CommercialEdge.
A renovated facility close to downtown Portland
A part of the Kruse Woods Company Park, the three-story constructing got here on-line in 1996 and went by beauty renovations in 2003 and 2022. The power options two passenger elevators, a convention room, has entry to a health heart and gives 204 automobile parking areas.
Windfall Well being is the anchor tenant. The property was 73 p.c leased on the time of the transaction. Medical providers supplied on the facility embody main and pediatric care, behavioral well being, diabetes schooling and gynecology, amongst others.
Positioned at 4004 Kruse Manner Place on 3.3 acres, the property has entry to Interstate 5 and is a few 10 miles southeast of downtown Portland. Medical suppliers within the surrounding space embody Peak Medical Northwest, Windfall ExpressCare and Bauer Medical.
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