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Office Building on 18.95 Acres: Renovation Or Redevelopment Offering

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Office Building on 18.95 Acres: Renovation Or Redevelopment Offering COOLEY office building on 18.95 acres: renovation or redevelopment offering 9830 NE ECKERT DR HILLSBORO, OREGON Conceptual Entry TABLE OF EXECUTIVE SUMMARY 5 INVESTMENT OVERVIEW 6 CONTENTS THE COMMUNITY 8 RENOVATION CONCEPT PLANS 11 FLOOR PLANS 12 COMPARABLES 14 LOCATION 18 MARKET OVERVIEW 20 Conceptual EXECUTIVE S U M M A RY Colliers is pleased to present this dual-faced opportunity to own 18.95 acres COOLEY in AmberGlen, a neighborhood in east Hillsboro. AmberGlen includes a mixture of office and commercial areas with a growing number of high-density residential units being added as a result of the AmberGlen Community Plan. The AmberGlen Community Plan seeks to transform the neighborhood into high- density mixed uses catered to a larger residential base while preserving the 18.95 existing office uses. New developments include Aloft Hotels, a 136-room hotel acres opened in 2017; The Arbory and Windsor Apartments, both completed in 2018 and adding 325 units. Equally opportunistic is the vision of a high-amenity corporate office setting. The existing 68,000 RSF building once functioned as institutional lab space for OHSU. The unique design and base building structure offers incredible renovation opportunities for the discriminate corporate user. Renderings throughout this brochure have been originated by GBD architects to assist in visualizing a modern look with contemporary elements for today’s dynamic office user. COOLEY OFFICE BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5 LOCATION INVESTMENT The site is located in the AmberGlen Business Park near the Tanasbourne retail environment along NW 185th Ave and Highway 26. This area is COOLEY established as a regional retail hub at the gateway to the high-tech corridor known locally as the Silicon Forest. Near Intel’s Ronler Acres campus, KEY INVESTMENT HIGHLIGHTS OVERVIEW many tenants in this submarket service Intel, making proximity critical. The building also resides within an Oregon Enterprise Zone, providing potential Unique opportunity for corporate campus environment property tax incentives based on employment growth. As a redevelopment, the opportunities to go mixed-use residential and commercial are guided by with excess land for expansion, open space, or sale. the AmberGlen Community Plan. 68,000 square feet of office building set INFRASTRUCTURE on 18.95 gross acres of land in the “Silicon Limited supply of available office spaces over 50,000 square feet. None offering room for expansion. None The site fronts NE Walker Road, a major east-west thoroughfare. Future Forest” of Hillsboro, Oregon. roadways are planned through the site and the AmberGlen area as parcels are offered for sale. become redeveloped (see illustration, bottom right). Trimet MAX Light Rail blue line is accessible within 1/2 mile, providing mass transit options in NW WALKER ROAD addition to current bus lines. Priced below replacement cost. ZONING The site is split-zoned between UC-OR (Urban Center - Office/Research) and UC-MU (Urban Center - Mixed Use). The UC-OR designation is Existing building to be delivered in shell condition with intended to support existing office development until such time for complete set of renovation conceptual plans from redevelopment to more intense urban uses. The zoning designations are GBD Architects. similar in allowing office and commercial uses with the primary exception being the MU district allows for residential uses as well. 18.95 8.5 Acres (est.) ▪ Gross SIGNIFICANT BARRIERS TO ENTRY NW GIBBS DRIVE Acres Ideal redevelopment play for mixed-use residential and commercial uses. Because the Portland market benefits from an Urban Growth Boundary, outside of which development is prohibited, the market has a limited amount of high quality, well-located commercial land remaining for future High amenity surroundings on-site and off-site development. The UGB encourages in-fill development, limits sprawl, and helps inflate values of existing property within the boundary. conducive to outdoor space COOLEY OFFICE BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 7 T H E CO M M U N I T Y The 18.95 acre site offers the unique opportunity for a corporate office or headquarters site with excess land to expand and wooded areas for outdoor activity, walking trails, and open space. Alternatively, the existing building could be razed to make way for a higher and better use consistent with zoning and the AmberGlen Community Plan. Redevelopment can make good use of the wooded areas for amenity space valued by residential and office occupiers. Cooley Building with its creekside forest Retirement/Assisted Living Upscale Hotel Mixed-Use, Residential/Commercial COOLEY OFFICE BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 9 Conceptual Lobby COMPLETE RENOVATION CONCEPT PLANS Schematic designs by GBD Architects include: ▪ New circular drive and plaza ▪ New entry reception area with polished concrete floors ▪ Elegant modern staircases with an open, atrium feel ▪ Floor to ceiling windows with views of the outdoors ▪ New furnishings and high efficiency lighting ▪ Amenity cafe with new kitchen and bar ▪ Workspace lounge and conference room ▪ Outdoor deck COOLEY OFFICE BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 11 Conceptual FLOOR PLAN FLOOR PLAN FIRST FLOOR - 34,000 SF ESTIMATED SECOND FLOOR - 34,000 SF ESTIMATED Note: Penthouse mechanical room approximates 9,000 SF; served with freight elevator COOLEY OFFICE BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 13 BUILDING SALE 2 3 COMPARABLES 4 1 1 2 3 4 5 6 Cornell West Sunset Corporate Ronler Building D 21000 NW 9800 Nimbus 8700 Creekside Center Evergreen Pkwy Date 3/12/19 1/16/19 11/19/18 7/30/2018 10/24/18 For Sale Price $22,000,000 $29,000,000 $7,850,000 $6,954,000 $5,100,000 $4,250,000 asking 116,350 SF 137,566 SF 39,364 SF 57,000 SF 45,625 SF 31,725 SF Size 6 Price/SF $189/SF $212/SF $200/SF $157/SF $112/SF $134/SF 5 Site Area 6.29 acres 8.29 acres 5.67 acres 5.29 acres 2.01 acres 2.88 acres Notes Multi-tenant office. Multi-tenant office. Single-tenant flex. Vacant flex. Bought Vacant office/ Under contract to 7.5% cap. 6.3% cap. 6.1% cap. by user. warehouse. Bought user. by user. COOLEY OFFICE BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 15 LAND SALE 4 COMPARABLES 5 6 1 2 3 4 5 6 2 3 1 Cornell Oaks Land AmberGlen Land Wilkins Land Tanasbourne Land AmberGlen Land AmberGlen Land NW 158th & NE Compton & NE Wilkins & NE Evergreen & NE Amberglen Pkwy NE Amberglen Pkwy Greenbrier Pkwy NE Gibbs Drive NE John Olsen NE John Olsen & NE Compton & NE Von Neumann Date 8/1/18 10/6/17 5/11/17 12/21/15 6/3/15 4/1/15 Size 6.91 ac 2.09 net ac 1.97 ac 1.95 ac 2.84 ac 5 ac Price/SF $25.05/SF $20.76/SF $21.91/SF $23.55/SF $16.11/SF $16.53/SF Notes Buyer plans to build Buyer plans to build Planned high- New hotel New Aloft Hotel. The Arbory two hotels with two a 135-room hotel. density residential. development under Apartments. restaurant pads. construction. 227 rooms. COOLEY OFFICE BUILDING | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 17 Intel Ronler Acres LOCATION 1 2 NE STUCKI AVE NE CORNELIUS PASS RD PASS CORNELIUS NE 4 Kaiser Tanasbourne NE EVERGREEN PKWY Streets of Town Center The Cooley Office Building is located just Tanasbourne Tanasbourne 3 Village 20 minutes from downtown Portland in the 3 NW BETHANY BLVD The Streets of Tanasbourne NW CORNELL RD heart of the Sunset Corridor. 2 NE CORNELL RD 9 5 Nearby amenities include commercial 1 4 services, jogging trails, outdoor collaborative COOLEY spaces, and forest views. Additionally, 8 NE WALKER RD Cooley is conveniently located near Cornell NE JOHN OLSEN AVE Road with access to many retail amenities at 6 7 Streets of Tanasbourne, an upscale lifestyle Trimet MAX NE AMBERGLEN PKWY shopping center, as well as Tanasbourne NE WILKINS ST NW 173RD AVE Village and Tanasbourne Town Center. 5 NE WALKER RD Cooley Entrance (proposed) NW 185TH AVE E MAIN ST Miscellaneous Streets of Tanasbourne Tanasbourne Village Tanasbourne Town Center 1 Aloft Hotel 5 Krispy Kreme 1 Rock Creek Trail American Eagle Express P.F. Chang's Cold Stone Hallmark Shari's Barnes & Noble Chick-fil-A Marshalls Office Depot Pizza Schmizza 2 Whole Foods 6 Petsmart 2 Evergreen Park Banana Republic Gap Qdoba Comcast Pier 1 Subway Bed Bath & Beyond Famous Footwear Massage Envy Old Navy Ross Bath & Body Works J. Jill REI DSW Rite Aid Trader Joe's Best Buy GameStop McDonald's Panda Express Sally Beauty 3 MUV Fitness 7 Applebee’s 3 Orchard Park Buffalo Wild Wings Lane Bryant Victoria's Secret FedEx Office Round Table Burger King Jamba Juice Michael's Payless Starbucks 4 Holiday Inn 8 US Post Office 4 Magnolia Park Charming Charlie Macy's Five Guys Safeway Carl's Jr Jimmy John's Muchas Gracias Petco Target Trimet MAX 9 Einstein Bros. 5 Orenco Woods Quatama Stop Bagels Nature Park Quatama/NW 205th Ave MAX Station MARKET OVERVIEW SUNSET CORRIDOR OFFICE % VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE YOY FORECAST YOY FORECAST YOY FORECAST YOY FORECAST 4.8 VACANCY (Q1 2019) Sunset Corridor Office: 139 Buildings, 9M SF Sunset Corridor is one of Portland’s premier office hubs. High-tech manufacturing is among the 492K submarket’s largest employment drivers, including Intel’s massive semiconductor facility in Hillsboro. SQUARE FEET Additionally, the Sunset Corridor is home to Nike, which owns close to 3 million square feet here. 12-MO. ABSORPTION Both companies have embarked on substantial campus expansions this cycle. Other companies with (YTD 2019) a large office footprint in the area include Wells Fargo and the headquarters for First Tech Federal Credit Union.
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