3850 SE Three Mile
US - McMinnville, OR
HK$39,149,000 | 24,850 sf
Asset Description
JLL, as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Five Oak (hereafter, “the Property”), a 279,363* square foot office building situated on a full city block, located in Portland’s Central Business District (CBD). Currently 79% occupied with 6.0 years of remaining WALT, Five Oak offers investors durable in place income with credit tenants while providing new ownership value-add upside by leasing up the remaining vacant space. Current ownership has completed extensive renovations including a refreshed lobby, separate tenant entrances, roof replacement, updated suite build-outs, a voluntary seismic upgrade, as well as an improved interior atrium, exclusive for the building’s tenants. As leasing velocity accelerates in the Portland office market, Five Oak will be able to capture tenants looking for immediately available highly amenitized space - ultimately positioning the asset for a core exit.
*BOMA adjusted
...
Attributes
Building area Net
267,094 sf
Occupancy
79.00%
Year built
1947
Media
Investment Highlights
- Durable in place income from sticky and credit tenancy with value-add upside
- Ability to deliver exceptional amenities to current and future tenants
- Direct access to Portland’s finest shopping and dining locations
- Substantial discount to replacement costs
- Strong ancillary income via contractual and hourly parking revenue
- 59 stalls of subterranean parking
Contact brokers
Five Oak (0 Properties)
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Last updated
19 May 2023
