Sale of Portland area medical outpatient building closes

PORTLAND, Oct. 8, 2024 – JLL Capital Markets announced today that it has closed the sale of 4004 Kruse Way Place, a 59,865-square-foot medical outpatient building repositioning in Lake Oswego, Oregon.

JLL represented the seller, Shorenstein, and procured the buyer, a joint venture between Evergreen Medical Properties and Bain Capital’s real estate team.

4004 Kruse Way Place is located in the highly sought-after Kruse Way submarket approximately 10 miles south of downtown Portland. The property is close to Interstate 5 and is surrounded by a variety of office buildings, multi-housing properties, retail and restaurant offerings. The three-story property is currently 74% leased and anchored by Providence Health & Services. Currently operating as a traditional office property, the buyer intends to convert the building to a premier outpatient healthcare facility to meet the high demand for medical outpatient space within the submarket.

Evan Kovac, who is part of JLL’s Capital Markets National Medical Properties group, collaborated closely with Buzz Ellis from the local JLL Pacific Northwest Advisory team, in arranging the sale.

Additionally, JLL’s Debt Advisory team worked on behalf of the buyer to secure acquisition financing. The team was led by Anthony Sardo of the National Medical Properties group and Zach Kersten from the Pacific Northwest Advisory team.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Shorenstein is a privately-owned investment adviser that, through affiliated entities, owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein and its affiliates have acquired $19 billion in assets (as of December 31, 2023). Using their integrated investment and operating capabilities, the firm seeks to take advantage of opportunities that, at the particular time in the investment cycle, offer attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.