SKB and Reinsurance Group of America, Incorporated (RGA) acquire Parkway Woods, a 378,300 square foot mixed use campus located in the Wilsonville submarket of Portland, Oregon

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May 07, 2020, 19:19 ET

PORTLAND, Ore., May 7, 2020 /PRNewswire/ -- ScanlanKemperBard (SKB) has announced a joint venture with RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA), to acquire Parkway Woods Business Park, located in the rapidly growing Wilsonville submarket of Portland, Oregon.

SKB and Reinsurance Group of America, Incorporated (RGA) acquire Parkway Woods, a 378,300 square foot mixed use campus located in the Wilsonville submarket of Portland, Oregon

SKB originally purchased the property in 2015 as part of a joint venture with its investors and Oaktree Capital. Major improvements were completed that included a lobby renovation, the addition of a tenant lounge and fitness area, upgrades to the majority of the building's systems, the addition of a 9-hole disc golf course, and significant landscaping and improvements to signage.

The property's flexible single-story floor plans, abundant green space, and best-in-class amenities have attracted a diverse tenant base, such as Xerox, 3D Systems, and Dealer Spike. The new joint venture seeks to enhance the existing improvements and tenant base through significant investment in capital improvements that are designed to cater to growing demand from light industrial, manufacturing, and R&D tenants. Additionally, the site includes over 4.5 acres of developable land that could accommodate approximately 85,000 SF of new industrial space for tenants seeking best in class functionality, excellent freeway visibility, and convenient access to the greater Portland metro area.

According to SKB Vice President of Acquisitions, Brian Hughes-Cromwick, "We believe the investment aligns with where we think commercial real estate is headed in a post COVID-19 world. Companies all across America are re-evaluating risks to their manufacturing and supply chains in a way that we expect to benefit from increased domestic manufacturing for the foreseeable future."

SKB and ReCap Real Estate Investments successfully navigated closing the investment in Parkway Woods through telework and remote interaction. The solid communication across teams, vendors, clients, partners, and investors was crucial to their success during this challenging time.

About SKB
SKB is an established real estate developer and operator based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.58 billion, comprised of 30.2 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. Visit SKB online at www.skbcos.com to learn more.

About ReCap Real Estate Investments
ReCap Real Estate Investments, a wholly-owned subsidiary of RGA, is a commercial mortgage lender and real estate equity investor with the strength of a global reinsurer and the spirit of an entrepreneur. ReCap originates and manages a diverse portfolio of loans, with strong relative value and an emphasis on transactions between $3 million and $30 million. In addition, ReCap directly deploys capital across a diverse network of real estate equity investments of over $800 million of total invested assets to date. Visit ReCap Real Estate Investments online at rgare.com/recap to learn more.

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SOURCE SKB