ONE AIRPORT CENTER - NEXT

One Airport Center is a Class A office building that is located at the Portland International Airport. Tom Hanacek represented the owners, Airport Partners on the sale of this $11.6 million ground leased property to a family based in Mainland China. The property was 100% leased at the time of the sale and the major tenant in the building was Rentrak. Selling a ground leased building presents its own set of challenges and the fact that this ground lease has no options was difficult. Also, the fact that the Rentrak occupied 75% of the building created some concern as to the potential impact if that tenant relocates or otherwise ceases to operate at this location. Educating the buyers on both the ground lease and Rentrak’s business model and their future prognosis were keys to getting the buyer comfortable with this property.