With the ever-changing commercial real estate climate, 83-year-old Norris, Beggs & Simpson made a bold move to enhance its competitive advantages and position itself for future growth. The company has sold its brokerage division and will be transferring many property management accounts to Colliers International in order to focus on the capital markets divisions of the company, Norris, Beggs & Simpson Financial Services and Morrison Street Capital.
“Even though we had a number of suitors interested in buying the brokerage and property management divisions, they were not for sale. Then the Colliers opportunity presented itself and we felt like it could be a good fit. This decision really had two important elements, what is best for the future of the company and how to best take care of our people. Colliers’ culture and philosophy felt like a good match to our own and we knew would be the best transition for our employees.” explains Jan Robertson, partner with NBS.
Over the next several weeks, the entire brokerage division will transition to Colliers International, a leading global commercial real estate services firm with a well-established business in the Portland market. Details on the transition of the property management business were not disclosed other than a target completion date within the next six months.
Mt. Tabor Brewing, a local craft brewery with a taproom in downtown Vancouver, has leased 3,000 sf at Felida Village. NAI Norris, Beggs & Simpson Real Estate Broker R. Tom Smith represented the lessor, Western Properties II, LLC. John Lee of JLL represented the lessee.
Located at 3600 NW 119th Street, Mt. Tabor Brewing is the latest tenant to commit to Vancouver’s newest retail community, Felida Village. The three-building, 20,000 sf property features both ground floor retail and second-floor residential space and is expected to deliver by February 2016.
“Felida Village’s accessibility was the perfect complement to Mt. Tabor Brewpub’s community feel and atmosphere,” said R. Tom Smith.
Mt. Tabor Brewing joins Felida Village’s growing list of strong tenants, Barre3 and Edward Jones.
The Red Lion Headquarters Building (RLH Building), a 100,362 sf Class A office building in Spokane, Washington, has sold for $12,398,600. NAI Norris, Beggs & Simpson’s President Chris Johnson and Senior Vice President MaryKay West represented the sellers, 201 North River LLC and Red Lion Hotels LP. Executive Vice President and COO David Peterson of Goodale & Barbieri represented the seller as well as the buyer, DPGB-WA-1, LLC.
Located at 201 W North River Drive along the Spokane River’s north bank, the RLH Building features six-stories of office space with an attached two-story parking garage of 252 stalls. Built in 1985, the RLH Building offers direct access to the Riverfront Park and the Centennial Trail, as well as exceptional amenities including shopping, restaurants and banks. The building’s thriving location is also home to several universities nearby.
After receiving capital improvements in 2014 to improve energy efficiency and reduce waste, the “pride of ownership” property was marketed to sell.
“Ownership was motivated by robust office market conditions and recognized an advantageous opportunity to sell,” explained MaryKay West.
The asset proved especially attractive with no existing debt to be assumed. Investors were also confident in the building’s anchor tenant, Red Lions Hotels, and its historically strong rent roll.
Edward Jones, an investment company, has leased 974 sf at Felida Village. NAI Norris, Beggs & Simpson Real Estate Broker R. Tom Smith represented the lessor, Western Properties II, LLC. Mike Giammanco of Cushman & Wakefield represented the lessee.
Located at 3604 NW 119th Street, Edward Jones joins Portland-founded Barre3 Studio in Building 3 of the newly delivered Felida Village, which completed construction earlier this year. The three-building, 20,000 sf property features both ground floor retail and second-floor residential space.
“Felida Village is well-positioned with excellent exposure and accessibility,” said R. Tom Smith. “Edward Jones is an ideal complement to the other tenants.”
Edward Jones is expected to move-in by the end of October 2015.
Party Fair, a discount party superstore, has leased 9,500 sf at the Tigard Triangle Center at 7297 SW Dartmouth Street. NAI Norris, Beggs & Simpson Associate Vice President Jack Gallagher and Real Estate Broker R. Tom Smith represented the tenant. Matt Sichel of Elliott Associates represented the landlord, American Industries, Inc.
Predominately an East Coast retail chain, Party Fair was founded in 1983 and currently boasts over 24 stores. Wanting to establish and grow a West Coast presence, Party Fair looked to retail experts on how to break into the Portland market.
“The Tigard Triangle Center is a terrific regional location and an ideal space for Party Fair’s first West Coast location,” explained Jack Gallagher.
Anchored by Winco, PetSmart and OfficeMax, the Tigard Triangle Center is a well-positioned community center within the heart of Tigard, Oregon. Offering excellent exposure and a high volume of foot traffic, the multi-tenanted property was an obvious choice for Party Fair.
Party Fair is expected to move-in by early October 2015.
A former Pearl District warehouse facility is getting a major makeover.
The property at NW 14th and Hoyt Street was previously owned and operated by Premier Press as a specialty printing business. An entity controlled by Meriwether Partners LLC acquired the property last year with plans to renovate the building.
“We were attracted to the urban location and the opportunity to preserve the character of the existing building,” said Robert Briscoe, Principal of Meriwether Partners.
In an effort to capture the industrial history of the Pearl District and respond to the demands of today’s tenants, the redevelopment will offer both industrial design and office innovation.
“1440 NW Hoyt embraces the history and transformation of the Pearl,” noted Briscoe. “The project will maintain the structure’s integrity and its existing materials, and will have cutting-edge office space.”
The most ambitious aspect of the redevelopment is the addition of four floors of office space. Each additional floor will feature an open floor plan with 13-foot ceilings and expansive 9-foot windows with operable bays. The top floor will be an executive penthouse with two outdoor roof decks, one facing toward the West Hills and another to the east with views of Mt. Hood.
The property will also feature exposed wood, concrete and steel, abundant natural light, a comprehensive seismic upgrade to code, new building mechanical systems and new restrooms and common areas with shower and bike parking. Building signage opportunities also provide significant exposure from Interstate 405 and visibility throughout the Pearl District.
“This is a creative take on Class A office,” explains Chris Johnson, President of NAI Norris, Beggs & Simpson. “The redevelopment is in response to tenant expectations of having a seamless transition between ‘live, work, and play.’”
The project is expected to deliver by Third Quarter 2016. Upon completion, 1440 NW Hoyt will offer approximately 75,000 square feet of creative Class A office space.
Robert Briscoe, Principal
Chris Johnson, SIOR, President
Northwest Regional Educational Services (Northwest Regional ESD) has relocated and expanded to 23,415 sf at Building E of Nimbus Oaks. NAI Norris, Beggs & Simpson’s Senior Vice Presidents Jennifer Medak and John Medak and Associate Vice President Tom Dechenne represented the lessee. Senior Vice President and Partner Josh Schweitz and Broker Travis Parrott of Kidder Mathews represented the lessor, IPERS (Illinois Public Employees Retirement System).
The relocation and expansion proved quite challenging for the former tenant of Woodside Corporate Park, an office campus purchased by Nike in 2013. The property’s sale meant inevitable displacement for Northwest Regional ESD upon their lease’s expiration.
“It was difficult finding existing space while competing against Intel and Nike as well as other displaced tenants in today’s tight market, but we were able to deliver with Nimbus Oaks,” said Jennifer Medak.
Located at 9560 SW Nimbus Avenue, Nimbus Oaks was an ideal, centralized spot for Northwest Regional ESD, which is the largest and most diverse Education Service District in the state of Oregon. Northwest Regional ESD currently serves over 118,000 children throughout 4 counties (Clatsop, Columbia, Tillamook and Washington), 20 school districts and 184 schools.
Northwest Regional ESD was looking to find a facility that could accommodate their specific use, buildout and location. Nimbus Oaks was a good fit.
Yet, with the expiring lease’s deadline looming, Nimbus Oaks needed to be ready rather quickly to accommodate its newest tenant’s special requirements. The space would need to support Northwest Regional ESD’s Special Student Services, a program which seeks to improve the lives of children with disabilities and those at risk.
A Special Student Services facility required specific zoning, upgraded occupancy ratings, adequate classroom sizes, raised ceiling heights for play areas, ample parking for buses without overlap, and area for teacher’s office space. Thankfully, additional support was facilitated by collaborative partnerships with LRS Architects and the City of Beaverton.
“LRS Architects and the City of Beaverton were instrumental in expediting the confirmation of proper zoning requirements and occupancy rating for Nimbus Oaks,” explained Jennifer Medak. “As a team, we understood the special contingencies upfront, so we could avoid the typical long turnaround and address the space needs immediately.”
LRS Architects worked closely with the landlord and tenant to design a strategic layout of the space, so that neighboring tenants remained unaffected by the school’s presence. With an expected move-in by November 1, Nike also remained tremendously cooperative and supportive of Regional Northwest ESD.
“All parties truly came together to champion Northwest Regional ESD because at the end of the day these are our kids and our neighbors,” added Jennifer Medak.
Nike, Inc. has signed the largest office deal to date in the Portland-metro area, inking a 105,005 sf lease at the AmberGlen Business Center campus managed by Unico Properties. NAI Norris, Beggs & Simpson’s President Chris Johnson, Senior Vice President MaryKay West and Vice President Brandon Frank represented the lessor, AmberGlen Office Corporation. Executive Managing Director Bradford Fletcher of Newmark Grubb Knight Frank represented the lessee.
Nike’s lease is the third major transaction this year for AmberGlen Business Center. In March, Portland-based retailer Columbia Sportswear leased 27,379 sf at the 1385 Building and earlier this month Allion USA Engineering Services expanded to 52,746 sf at Building 1365.
“This lease is a continuing trend of existing tenants in the Sunset Corridor expanding their footprint,” noted Brandon Frank.
AmberGlen is a 217-acre business campus just 20 minutes from downtown Portland.
Creative engineering firm Allion USA Engineering Services has expanded to 52,746 sf at Building 1365 as part of the AmberGlen Business Center campus managed by Unico Properties. NAI Norris, Beggs & Simpson’s President Chris Johnson, Senior Vice President MaryKay West and Vice President Brandon Frank represented the lessor, AmberGlen Office Corporation. Vice President Charlie Floberg of JLL represented the lessee.
“This deal is yet another existing tenant choosing to deepen their presence in the Sunset Corridor,” noted Brandon Frank. “The major expansions come from a diverse tenant base led by technology companies, local apparel giants and several medical-related firms. This trend is a testament to the strength of the Sunset Corridor.”
AmberGlen is a 217-acre business campus just 20 minutes from downtown Portland.
Walgreens Specialty Pharmacy has expanded their offices at 9775 SW Gemini Drive as part of the Nimbus Corporate Center campus, growing from 29,806 sf to 47,938 sf. Walgreens Specialty Pharmacy will occupy both Buildings 1 and 2. NAI Norris, Beggs & Simpson’s Senior Vice Presidents John Medak and Jennifer Medak represented the lessor, Shorenstein. Managing Director Chris Elsenbach of JLL represented the lessee.
Nimbus Corporate Center is a 16-building office campus located in Beaverton, one of Portland’s leading suburban communities, just minutes southwest from downtown Portland.