Northmarq’s Portland office brokers 1031 exchange of single-tenant medical office
PORTLAND (Dec. 14, 2023) — Michael Kapnick, vice president of Northmarq’s Portland Commercial Investment Sales team, has completed the $2.65 million sale of a 9,342-sq.-ft. medical office space leased to Dermatology Associates. The single-tenant property is situated in the southwest Portland metro suburb of Tigard, Oregon. Northmarq represented Fugate Family Limited Partnership, in the 1031 exchange. The seller was a local investment group represented by David Hill at Kidder Mathews.
“Despite the higher interest rate environment, finding quality-leased investments outside Multnomah County, especially in this price range, is not easy,” said Kapnick. “The buyer, whom I assisted with another acquisition of a well-located office asset last year, was very pleased they were selected by the seller.”
The property has been occupied by Dermatology Associates for over 20 years, since the building’s completion in 2004. The seller and tenant negotiated a new lease just before the property hit the market, which was of particular appeal to the buyer. The medical office features a main and upper level specifically designed for its current dermatology clinic use. Centrally located at 10215 SW Hall Boulevard, the high-quality medical office is situated just half a mile east of the Washington Square regional mall and less than 1 mile from Highway 217 with excellent regional access.
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