This three-story building was completed in 1996 and has undergone numerous exterior renovations. Image courtesy of Bain Capital and Evergreen Medical Properties
A joint venture between Bain Capital and Evergreen Medical Properties has purchased a 60,000 square foot medical office building in Lake Oswego, Oregon. Mr. Shorenstein sold the property for $14 million, and the buyer took out a $2 million acquisition loan from Columbia Community Credit Union. , public records show.
We decided to invest in this asset because the Lake Oswego submarket faces undersupply issues from a medical facility standpoint, said Josh Richmond, president of Evergreen Medical Properties, prepared. stated in his statement. Demand for medical office buildings continues to increase in markets across the country.
The property was previously financed by Bank of America in 2023 with a maturity date of 2026. The property last changed hands in 2007 as part of a $1.1 billion portfolio deal in which Mr. Shorenstein purchased 46 properties from EQ Offices. According to Commercial Edge, the Portland market incorporates 3,882,036 square feet of office space.
Renovated facility near downtown Portland
Part of Kruse Woods Corporate Park, the three-story building was completed in 1996 and underwent exterior renovations in 2003 and 2022. This property has 2 passenger elevators, a meeting room, access to a fitness center, and 204 parking spaces. .
Providence Health is the anchor tenant. At the time of the transaction, the property was 73% leased. Medical services provided at the facility include primary and pediatric care, behavioral health, diabetes education, gynecology, and more.
The property is located on 3.3 acres at 4004 Kruse Way Place, with access to Interstate 5 and approximately 16 miles southeast of downtown Portland. Medical providers in the surrounding area include Peak Medical Northwest, Providence ExpressCare, and Bauer Medical.
