The Cortez Building, a 73,200 square foot flex warehouse building leased to Nike, Inc., has been purchased by SMARTCAP, a Seattle-based real estate investment firm, for $12.2 million. Keith Young, a senior vice president with Kidder Mathews, and Denis Mehigan with The Mehigan Company represented SMARTCAP in the transaction.
The Cortez Building, located at 701 SW 158th Avenue in Beaverton, Oregon, consists of office and warehouse space that is 100 percent leased to Nike through April 2025. Nike has leased the property since its delivery in 1994.
“We are excited to enter the Portland market with a great acquisition. Our current focus is on industrial assets and we’re hoping to build a sizeable portfolio in this market over the coming years,” said Tim Shoultz, SMARTCAP CEO.
“SMARTCAP is based in the Seattle area. This is their first investment in the Portland area and a sign that the market is turning back up,” said Young.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70.5 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.
About The Mehigan Company
The Mehigan Company is a corporate real estate advisory business formed in 1986, and serves clients throughout the West Coast. The Mehigan Company provides services that include tenant and buyer brokerage representation, investment sales, corporate strategic planning, asset management, lease audits and consulting. MehiganCo.com.