6Y Building is Third U.S. Acquisition in Nine Months for German Fund
PORTLAND, OR – Leading global commercial real estate services and investment advisory firm Colliers International has reported that its growing U.S. Capital Markets group has negotiated the $47.5 million acquisition by Deka Immobilien (Deka) of an 11-story creative office building in Portland’s Central Business District.
The property was bought by Deka’s open-ended and dollar-denominated North America Fund (DINA) and marks its third U.S. acquisition over the past nine months and its first in Oregon.The fund had recently acquired a grocery-anchored retail property in New Jersey and an office building in Washington, DC.
Deka Immobilien was represented in the purchase of the 116,224-square-foot “6Y” office building by Colliers’ Investment Advisory Group led by Managing Director Robert Stamm and Executive Managing Director Andres Roldan. Local support was provided by Portland-based Executive Vice President Chris Johnson. The seller was a joint venture of KBS and True North Management Group.
“We continue to be very pleased in our partnership with Colliers International and its Capital Markets team,” said Driss Oualkadi, president of Deka Immobilien U.S. “We are confident to call on their breadth of experience and market knowledge as we further expand our commercial property portfolios in many prime markets for DINA and our various other funds across the U.S.”
Located at 811 SW Sixth Avenue, the building was repositioned through a strategic renovation that included upgraded creative office suites, a tenant lounge and a contemporary lobby. The property occupies a corner parcel overlooking Pioneer Square, the focal point for Portland’s Central Business District.
“This stabilized creative office asset in a Main-and-Main location in the city’s CBD was the perfect fit for Deka’s first acquisition in Portland,” added Stamm. “The purchase demonstrates the fund’s ongoing appetite for well-located, high-quality institutional assets, as well as its willingness to enter new markets with confidence based on our team’s market knowledge and experience.”
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