Portland office project bought by foreign investor

Price per square foot approaches $163

Sperry Van Ness negotiated the sale of One Airport Center, a 71,269-square-foot office building in Portland, Ore., for $11.6 million.

China-based J&R Group purchased the multitenant property from Portland-based Airport Partners LLC.

The building, located at 7700 NE Ambassador Place, was built in 1996 on less than an acre of land. Its major tenant, Rentrak Corp., occupied 75 percent of the property at the time of sale.

The property is located within the 458-acre Portland International Center, a mixed-use development that includes office, industrial, hospitality and retail uses.

Sperry Van Ness, which represented the seller in this transaction, provides commercial real estate services in 36 states.