Cascade Station I & II_Property for Sale

9500 & 9600 NE Cascades Pkwy, Portland, OR, 97220-6831, US

Cascade Station I & II

Asset Description

JLL, as exclusive advisor, is pleased to present the opportunity to acquire the leased fee in Cascade Station I & II (hereafter “the Property” or “Portfolio”), two Class A suburban offices totaling 128,073 square feet, located in the hub of one of Oregon and SW Washington’s premier retail developments, Cascade Station. The asset is currently 100% leased and has averaged 94% occupancy since construction, a testament to tenant demand for best-in-class offices in a highly constrained submarket. With 66% tenant rollover within the first 2 years, investors will appreciate guaranteed lease income as they plan to execute their value-add business plan and as return-to-office trends further develop momentum.

Cascade Station I & II lies immediately adjacent to the Red MAX Light Rail line, which connects Downtown Portland to Portland International Airport, is less than 10 miles north of the downtown core, and is within proximity to the region’s fastest-growing population center, Clark County.

As the only true Class A buildings in the Airport Way submarket and a recipient of LEED Gold certification in 2010, Cascade Station I & II features energy-efficient building systems, a variety of conference facilities, and lounge areas. The first floor of Cascade Station I features a fitness center, locker rooms, and common areas. Each building features high-end finishes, a modern lobby, and strong window lines providing abundant natural light – rarities amongst suburban office assets in the Airport Way submarket.

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Attributes

Building area Net

128,073 sf

Occupancy

100.00%

Year built

2008 / 2009

Media

Investment Highlights

Delivered in 2008–2009, the assets are built to Class A standards with flexible 18K and 25K floorplates, ideal for single tenant or multi-tenant configuration
Adjacent to Cascade Station, one of Portland’s most prominent retail power centers
Opportunity to acquire a best-in-class office portfolio at an attractive basis approximately 50% below replacement cost
Flexible exit strategies, buildings are situated on separate parcels
Strong historical occupancy and short downtime, averaging 94% occupancy over the last decade
Excellent accessibility, located off Interstate 205 on the Oregon / Washington border. Adjacent to the property is the MAX Red Line which directly connects Cascade I & II to PDX, Downtown Portland and Beaverton.
Onsite amenities, including a conference center, fitness center, and locker room
13′+ ceilings and 7′1 windows in creative buildouts