“There are very few true income producing properties available in Central Oregon and demand is picking up…. We are starting to see exchange buyers for the first time in years…” — Erich Schultz, SIOR
(BEND, OR) — Erich Schultz, SIOR and Jay Lyons, CCIM with Compass Commercial Real Estate Services represented Kingsley, LLC in the investment sale of a 9,320 square foot office/research and development building situated on a .68 acre parcel at 340 SW Columbia Street. The buyer and seller were both performing 1031 tax deferred exchanges.
The building, known as the Losch Building, offered Washington based buyer, K & K Properties a single tenant, triple net leased investment opportunity with three years left on the lease.
The building was originally developed in 1996 as the home for Richard Losch, Inc., a maker of high power fiber optics and connectors for industrial, medical and scientific applications. In July, Leoni Fiber Optics, Inc. purchased Richard Losch, Inc. Leoni is a global supplier of fiber optics, fiber optic assemblies and fiber optic devices for medical, analytical, spectroscopic, laser, sensing, data and other industrial and research applications.
“There are very few true income producing properties available in Central Oregon and demand is picking up,” said Schultz. “We are starting to see exchange buyers for the first time in years. Losch/Leoni was a very attractive tenant due to its longevity in business and as a result of these factors we received multiple offers on the property and were able to successfully execute the sale within three months of listing it.”
K & K Properties was represented by Mike King of Seattle based Sound Commercial Real Estate.
For more information regarding this transaction, contact Erich Schultz or Jay Lyons at 541.383.2444.