Broadreach Capital Partners LLC on Friday announced it acquired a 157,000-square-foot flex/office complex known as Ronler Corporate Center in Hillsboro, Ore.
The value of the transaction was $18.9 million.
Built in two phases during 2000 and 2001, Ronler Corporate Center is comprised of four single-story flex/office buildings located off of Highway 26 and Cornelius Pass Road. The property was 75 percent leased to Intel and Novellus Systems at the time of sale, according to a press statement.
Portland-based Melvin Mark Cos. sold the property through an off-market transaction, the press statement reported.
This is Broadreach’s second investment in the Sunset Corridor submarket of Portland in the past six months and its fourth acquisition in the greater Portland area in the past two years, where the company now owns nearly 2 million square feet of commercial office space, including the U.S. Bancorp Tower.
Broadreach Capital Partners, a real estate private equity firm, invests in a variety of commercial, mixed-use and land properties in the western United States.