VCC-Hillsboro | Beaverton, OR
VCC-Hillsboro | Beaverton, OR
VCC-Hillsboro | Beaverton, OR
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Investment Offering For Sale<br />
<strong>VCC</strong>-<strong>Hillsboro</strong> | <strong>Beaverton</strong>, <strong>OR</strong><br />
A Bulk Office/Industrial Condominium Sale<br />
Exclusively represented by<br />
Keith Young<br />
Vice President<br />
503.221.2275<br />
kyoung@kiddermathews.com<br />
Peter King<br />
Associate Vice President<br />
503.221.2281<br />
pking@kiddermathews.com<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
Memorandum Disclaimer<br />
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty<br />
or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent<br />
investigation and verification of all matters deemed to be material, including, but not limited to, statements of income<br />
and expenses. Consult your attorney, accountant, or other professional advisor.<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
Table of Contents<br />
1. Executive Summary<br />
• The Offering<br />
• Investment Highlights<br />
• Aerials<br />
2. Property Description<br />
• <strong>VCC</strong>-<strong>Hillsboro</strong><br />
• Property Features<br />
• Property Description<br />
• Site Plan<br />
• Current Owner Profiles<br />
3. Market Information<br />
• Portland Metro Area Office Real Estate Market<br />
• Sunset Corridor<br />
• Sales Comparables<br />
4. Financial Summary<br />
• Cash Flow Analysis<br />
• Annual Budget<br />
• Replacement Cost Valuation<br />
5. Exhibits<br />
• Standard Finishes<br />
• Parking Plan<br />
• Condo Plan<br />
• Floor Plans Upon Reque<br />
kiddermathews.com
Executive Summary<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
Executive Summary<br />
THE OFFERING<br />
Venture Commerce Center – <strong>Hillsboro</strong> (“<strong>VCC</strong> -<strong>Hillsboro</strong>”)<br />
is located in <strong>Hillsboro</strong> approximately ten miles west<br />
of Portland, Oregon. Situated on 5 acres, the total<br />
development consists of five buildings totaling 78,384 SF.<br />
<strong>VCC</strong>-<strong>Hillsboro</strong> is a unique development consisting of 36<br />
individual office, industrial, warehouse and showroom units<br />
ranging in size from 1,219 SF to 3,326 SF.<br />
Each <strong>VCC</strong>-<strong>Hillsboro</strong> property has offices that are heated<br />
and air conditioned on both the first and second floor<br />
levels. HVAC systems are also available for the Flex areas.<br />
Two first floor tiled restrooms, built in compliance with<br />
ADA regulations, are included in the Flex properties. The<br />
smaller all Office properties are built with one restroom.<br />
The rear side of the larger Flex properties are built with<br />
roll-up truck doors. If preferred, office style glass windows<br />
and a glass entry door can easily be installed. Private<br />
parking is provided at 3.1 spaces per 1,000 SF. Everything<br />
is exclusive, private, and contained within the individual<br />
properties.<br />
This offering provides the opportunity to acquire in bulk<br />
purchase the 32 remaining existing units totaling 72,265<br />
SF. The remaining existing unit types are broken down as<br />
follows: 1 story office (6 units ) , two story office (10 units),<br />
and two story flex (16 units).<br />
INVESTMENT SUMMARY<br />
# of Units 36<br />
Net SF<br />
78,384 SF<br />
Available Units 32<br />
Available SF<br />
72,265 SF<br />
<strong>VCC</strong>- <strong>Hillsboro</strong> is located within the Sunset Corridor<br />
Submarket, which consists primarily of the office/R&D<br />
space within the cities of <strong>Hillsboro</strong> and <strong>Beaverton</strong>.<br />
The subject property is located in <strong>Hillsboro</strong> which is a<br />
strategically planned, growing community about ten<br />
miles west of downtown Portland. <strong>Hillsboro</strong> is the fifth<br />
largest city in the state of Oregon and is one of the fastest<br />
growing cities in the region.<br />
<strong>Hillsboro</strong> has become the epicenter of Oregon’s<br />
technology base, known as the Silicon Forest, with<br />
billions of dollars of high tech investment resulting in the<br />
employment of nearly 25,000 high tech workers. The<br />
Sunset Corridor is home to the largest concentration of<br />
Oregon high-tech firms.<br />
kiddermathews.com
INVESTMENT HIGHLIGHTS<br />
Substantial Discount to Replacement Cost<br />
<strong>VCC</strong>-<strong>Hillsboro</strong> is projected to sell at a substantial discount<br />
to replacement cost. Furthermore, given current market<br />
rental rates, speculative industrial development is not<br />
feasible anytime in the near future.<br />
Institutional Quality Park<br />
Completed in 2007, <strong>VCC</strong>-<strong>Hillsboro</strong> consists of 1 & 2 story<br />
office and flex properties with tremendous curb appeal and<br />
interior improvements that contain class-A office finishes<br />
and 16-21 foot clear ceiling height in the warehouse areas<br />
of the flex units.<br />
Prestigious Corporate Neighbors<br />
<strong>Hillsboro</strong> is already home to such prestigious companies<br />
as Intel, Sun Microsystems Inc., Verizon, Nike, Yahoo,<br />
Tektronix, Planar Systems, Inc., Genentech, and Kaiser<br />
Permanente’s planned hospital at NW Evergreen Parkway<br />
and NW Stucki Avenue.<br />
Technology Synergy<br />
The Sunset Corridor submarket of Portland is a hotbed<br />
for technology companies due to its corporate synergy<br />
and access to a well-qualified workforce. Intel, the<br />
world’s leader in microchip technology, employees more<br />
professionals (15,500) in the Sunset Corridor than any<br />
other of it’s locations in the world, including the<br />
Silicon Valley. Intel manufactures the fastest, smartest<br />
chips at their facilities in <strong>Hillsboro</strong>, including the 45<br />
nanometer Penryn Processor.<br />
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Property Description<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
Property Description<br />
<strong>VCC</strong>-<strong>Hillsboro</strong> is a unique development consisting of 36 privately owned office professional business properties ranging in<br />
size from 1,219 to 3,326 sq. ft. in five separate buildings. At <strong>VCC</strong>-<strong>Hillsboro</strong> a company can owns its real estate, often for<br />
much less than renting a comparable property<br />
<strong>VCC</strong>-<strong>Hillsboro</strong> is located one block north of the NW Evergreen Parkway, which is the primary roadway serving the<br />
Tanasbourne Corporate Center, linking the property to surrounding retail amenities. Two major shopping centers are within<br />
a short driving distance, The Streets of Tanasbourne and the Tanasbourne Town Center as well as the new Kaiser Hospital.<br />
Amenities such as Starbucks and Whole Foods are only a couple of blocks from the site and those with frequent travel needs<br />
will be pleased that <strong>Hillsboro</strong> Airport is an eight minute drive from the site.<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
PROPERTY FEATURES<br />
Each <strong>VCC</strong>-<strong>Hillsboro</strong> property has offices that are heated<br />
and air conditioned on both the first and second floor<br />
levels. HVAC systems are also available for the Flex<br />
Areas. Two first floor tiled restrooms built in compliance<br />
with ADA regulations are included in the Flex properties.<br />
The small all office properties are built with one<br />
restroom. The rear side of the larger Flex properties are<br />
built with roll-up truck doors. If preferred, office style<br />
glass windows and a glass entry door can easily be<br />
installed. Private parking is provided at 3.1 spaces per<br />
1,000 sq. ft. For example, a<br />
2,472 sq. ft. office property would include 8 parking<br />
paces. Everything is exclusive, private, and contained<br />
within the individual properties.<br />
The buildings are Class-A office building designers<br />
constructed of steel-reinforced raised concrete panels.<br />
The individual wall panels weight up to 88,000 pounds<br />
and are eight inches thick. Venture Commerce Center<br />
properties are built to last!<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
BUILDING FEATURES<br />
• Built in 2007<br />
• Class-A office building design, ideal for professionals<br />
• Two story office with finished ceilings<br />
• High quality commercial carpeting installed<br />
• Panelized ceiling system with integrated parabolic<br />
lighting<br />
• Heating/air conditioning in office areas<br />
• ADA compliant restrooms installed<br />
• 21 foot clear ceiling height in Flex Area<br />
• High speed internet access available<br />
• Roll-up truck doors in flex properties convertible to glass<br />
walls and rear entry doors<br />
• High bay lighting installed in Flex area<br />
• 3.1 private parking spaces per 1,000 sq. ft.<br />
• Properties ready to move in at closing<br />
• Foundation is cast in place, concrete, perimeter, wall<br />
footings<br />
• Walls are load bearing reinforced, pre-cast concrete tiltup<br />
extended wall panels<br />
• Roof is a flat roofing system<br />
OPTIONAL MODIFICATIONS F<strong>OR</strong> FLEX<br />
PROPERTIES<br />
• Rear Windows/Doors: The rear side of the larger Flex<br />
properties is built with a roll-up truck door. If preferred, it<br />
can be converted to glass storefront windows and a rear<br />
entry door, which is ideal for all-office applications.<br />
• Side Windows: Additional side windows can be installed<br />
at both ends of all buildings. Side walls are constructed<br />
with knockout panels that can be rep;aced with<br />
additional windows.<br />
• Commercial Ceilings: Panelized ceiling system with<br />
integrated parabolic lighting can be installed throughout<br />
the rear Flex area in buildings being used entirely as<br />
offices or laboratories (Buildings E, F, G and H). The<br />
ceilings incorporate lighting, heating/air-conditioning and<br />
fire sprinkler systems.<br />
• Floor Covering’s: Commercial carpeting or hard-surface<br />
flooring can be installed throughout the Flex area. If the<br />
Flex area is used entirely for office purposes (Buildings<br />
E, F, G and H), the same carpet that is already installed<br />
in the front two-story office areas can be installed in the<br />
rear.<br />
• Heating & A/C: Companies that do not require<br />
commercial ceilings in the Flex areas can order energyefficient<br />
heating and/or air conditioning systems to<br />
operate within their high-ceiling areas.<br />
• Electrical Panels: Power supplies can be increased<br />
to meet an individual user’s needs. All buildings are<br />
designed with electrical rooms equipped to handle the<br />
needs of larger power users.<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
SITE PLAN<br />
<strong>VCC</strong>-<strong>Hillsboro</strong> consists of 36 individual, two story, privately owned business properties ranging in size from 1,219 to<br />
3,325 sq. ft. Private parking is included with each business property, and are assigned a separate U.S. Post Office street<br />
address, as shown on the above Site Plan.<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
CURRENT OWNER PROFILE<br />
Beyond Uniforms & Apparel<br />
Whether you are looking for a specific item or just browsing for ideas, our site is your<br />
one-stop shopping source. From fun items to the traditional, you can easily ship for a<br />
some of the hottest items on the market. When you are ready to buy, our secure check<br />
out makes it safe, easy and convenient.<br />
A1RM Residential Mortgage<br />
A1RM Inc, dba A1 Residential Mortgage, Inc. is committed to helping you find the<br />
right mortgage product for your needs. We understand that every borrower is different,<br />
and we offer a variety of products to meet your individual requirements. We make the<br />
process of securing a mortgage simple and straightforward by offering you the latest in<br />
financial tools that enable you to make sound financial choices.<br />
Carrier Chiropractic<br />
A family wellness center<br />
We provide high quality diagnostic and biomechanical chiropractic care. We include effective patient education regarding<br />
stretching, strengthening, rehabilitation exercises, with postural and ergonomic recommendations for home and office.<br />
Ultimately, we would like to share the benefits of integrated chiropractic care with everyone.<br />
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Market Information<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
Market Information<br />
P<strong>OR</strong>TLAND AREA OVERVIEW<br />
Portland is recognized as an area with a wealth of local and surrounding amenities and a cost of living much less than other<br />
West Coast metropolitan areas. These reason have propelled Portland to be one of the most desirable tenant markets on<br />
the west coast. The area’s amenities, excellent school systems, and high quality of life continue to support a strong base of<br />
employers and encourage healthy growth. Portland has been proclaimed as North America’s “Best Big City,” according to<br />
Money magazine.<br />
The Portland Regional office/R&D market consists of six markets comprising of more than 18 million square feet.<br />
Business Climate<br />
Portland has a diversified economic base with no employment sector representing more than 21% of total employment,<br />
with the education and health industries having the largest employment base. This provides market stability during times of<br />
softened demand as the education and health industry are growth sectors despite any recessionary pressures.<br />
Portland is home to some of the most profitable industries in the world, from high tech companies like Intel and Hewlett-<br />
Packard to sportswear companies like Nike and Adidas. Portland is ranked as the tenth fastest growing economy in<br />
the Nation with over 50,000 technology jobs in the area. Oregon was recently ranked third nationwide in semiconductor<br />
manufacturing. Portland’s economy is comprised of diverse employment sectors which ensure stability during industry<br />
fluctuations. Highly rated companies with a major stake in the region include some of the below companies.<br />
MAJ<strong>OR</strong> EMPLOYERS<br />
Intel 15,500<br />
Fred Meyer Stores 14,684<br />
<strong>OR</strong> Health & Science University 12,600<br />
Providence Health System 12,000<br />
Kaiser 9,000<br />
Legacy Health 8,251<br />
Nike 7,000<br />
Wells Fargo 5,696<br />
County 5,640<br />
City 5,587<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
Transportation Infrastructure<br />
The Portland region has a highly developed transportation<br />
system that includes interstate and local highways, rail<br />
lines, a light rail system, and an international airport. These<br />
transportation alternatives provide Portland businesses with<br />
strong transportation advantages.<br />
The primary freeways providing arterial access to the metro<br />
area and the beautiful Columbia River Gorge include Interstates<br />
5 and 84.<br />
Portland International Airport is located approximately 25<br />
miles from the Westbrooke Corporate Park and offers both<br />
passenger and cargo flights. Flights are also available to<br />
foreign trade zones with direct flights to domestic and foreign<br />
markets.<br />
The central feature of the public transportation system is<br />
the award winning Metropolitan Area Express light rail, also<br />
known as MAX, which connects <strong>Beaverton</strong> with <strong>Hillsboro</strong> to<br />
the west and goes as far east as Gresham. The average MAX<br />
ride from <strong>Hillsboro</strong> to Portland is approximately 40 minutes<br />
and has a full fare rate of just $2.05.<br />
The metropolitan region is serviced by two transcontinental<br />
railroads, the Burlington Northern Santa Fe and Union Pacific<br />
running along side the Columbia River. The railways handles<br />
large quantities of all types of cargo; containers, automobiles,<br />
bulks, and merchandise.<br />
The Port of Portland and the Port of Vancouver offer<br />
comprehensive maritime complexes in the Pacific Northwest.<br />
Rail and freeway networks service the harbor facilities<br />
efficiently. Portland is the largest auto port on the West<br />
Coast, fourth largest auto import in the U.S., largest wheat<br />
export in the U.S., third largest grain export region in the<br />
world, and third largest in total tonnage on the West Coast.<br />
Recent improvements to marine infrastructure to the<br />
Columbia River have deepened the river by 25% to 43 feet.<br />
Opening in 2009, the new MAX line runs the length of the<br />
mall on 5th and 6th Avenues, connecting Union Station<br />
and Portland State University. Adding MAX downtown is a<br />
critical element in the region’s long-range transportation plan,<br />
setting the stage for future light rail extensions to Milwaukie,<br />
Vancouver and to the Southwest.<br />
Education<br />
Portland has an abundance of higher-education institutions,<br />
fueling the labor force with highly qualified individuals.<br />
Colleges include:<br />
• Portland State University<br />
• University of Oregon<br />
• Oregon Health and Science University<br />
• Cascade College<br />
The Regional Tri-Met Bus Lines was named “the best large<br />
mass-transit agency in North America” for its extensive<br />
network of bus line services connecting suburban residents,<br />
professionals, and visitors<br />
to the metro area.<br />
• Lewis and Clark College<br />
• Concordia University<br />
• Warner Pacific College<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
<strong>VCC</strong>-<strong>Hillsboro</strong> is located within the Sunset Corridor<br />
Submarket, which consists primarily of the office/R&D space<br />
within the cities of <strong>Hillsboro</strong> and <strong>Beaverton</strong>. The subject<br />
property is located in <strong>Hillsboro</strong> which is a strategically<br />
planned, growing community about 18 miles west of<br />
Downtown Portland. <strong>Hillsboro</strong> is the fifth largest city in the<br />
state of Oregon and is one of the fastest growing cities in the<br />
region.<br />
<strong>VCC</strong>-<strong>Hillsboro</strong> is located within the Sunset Corridor<br />
Submarket, which consists primarily of the office/R&D space<br />
within the cities of <strong>Hillsboro</strong> and <strong>Beaverton</strong>. The subject<br />
property is located in <strong>Hillsboro</strong> which is a strategically<br />
planned, growing community about 18 miles west of<br />
Downtown Portland. <strong>Hillsboro</strong> is the fifth largest city in the<br />
state of Oregon and is one of the fastest growing cities in the<br />
region.<br />
Approximately 19.2% of the population in Portland has at<br />
least a bachelor’s degree, compared to a 15.8% national<br />
average. These numerous institutions of higher learning<br />
combine to provide the Portland area with a steady source of<br />
educated and well qualified employees.<br />
Population Growth<br />
According to Claritas, the population of Portland<br />
Metropolitan Area has increased by 13.2% over the past<br />
seven years to 2,182,734. As the economy grows and<br />
diversifies the city’s population is expected to increase 7.4%<br />
over the next five years. Portland continues to be one of the<br />
fastest growing regions due to the availability of jobs and<br />
cost of living.<br />
Quality of Life / Amenities<br />
Portland is known worldwide for its green and lush<br />
landscape, establishing it as the “Rose City.” The city’s<br />
location along the Columbia and Willamette Rivers provides a<br />
multitude of recreational opportunities, as well as picturesque<br />
views and scenery. With the area’s parks and recreation<br />
system encompassing more than 240 parks, many residents<br />
are active and enjoy walking, running, biking, hiking, and<br />
skiing. Recently, Men’s Fitness ranked Portland sixth for<br />
fittest cities in America.<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
SUNSET C<strong>OR</strong>RID<strong>OR</strong> SUBMARKET<br />
<strong>VCC</strong>-<strong>Hillsboro</strong> is located within the Sunset Corridor<br />
Submarket, which consists primarily of the office/R&D space<br />
within the cities of <strong>Hillsboro</strong> and <strong>Beaverton</strong>. The subject<br />
property is located in <strong>Hillsboro</strong> which is a strategically<br />
planned, growing community about 18 miles west of<br />
Downtown Portland. <strong>Hillsboro</strong> is the fifth largest city in the<br />
state of Oregon and is one of the fastest growing cities in the<br />
region.<br />
Innovation and Technology<br />
<strong>Hillsboro</strong> has become the epicenter of Oregon’s technology<br />
base, known as the Silicon Forest, with billions of dollars of<br />
high tech investment resulting in the employment of nearly<br />
25,000 high tech workers. The Sunset Corridor is home<br />
to the largest concentration of Oregon high-tech firms. An<br />
innovative spirit, encouraged by the area’s expansion and<br />
fueled by academic research resources and critical mass of<br />
industry expertise, has produced local businesses, including<br />
Sequent Computer Systems (IBM), F.E.I., and Planar<br />
Systems. Below is a list of technology companies currently<br />
located in the Silicon Forest.<br />
Educated Workforce<br />
<strong>Hillsboro</strong> provides an above average concentration of<br />
intellectual capital. Within the city of <strong>Hillsboro</strong> nearly 21%<br />
of the population has at least a bachelor’s degree which is<br />
over 500 basis points higher than the national average. This<br />
abundance of qualified labor provides a draw for companies<br />
to locate in the area.<br />
Employment Opportunities<br />
Approximately two-thirds of the people who live in the area<br />
work in the county, which is unprecedented for a county with<br />
close proximity to a major CBD. The large amount of the<br />
resident county workforce has primarily been a result of the<br />
region’s high concentration of quality jobs due to the tenant<br />
synergy in the area.<br />
The current employment base in <strong>Hillsboro</strong> is approximately<br />
47,500 which is projected to grow by another 2.1% annually<br />
and add nearly 11,000 jobs over the next ten years. These<br />
new jobs will create a need for approximately 3.3 million<br />
square feet of commercial space (assuming 300 square feet<br />
per additional employee).<br />
• Acs<br />
• Ambric<br />
• Arris<br />
• Fei Compan<br />
• Hitachi<br />
• IBM<br />
• Intel<br />
• LaCie ltd<br />
• Lattice Semiconductor<br />
• Maxium Integrated<br />
Products<br />
• Genentech<br />
• Solar World<br />
• Novelius<br />
• Planar Systems<br />
• RadiSys Corporation<br />
• Sage Software<br />
• Sequent Computer<br />
Systems<br />
• Sun Microsystems<br />
• Symantec Corporate<br />
• Tektronix<br />
• TriQuint Semiconductor<br />
• Via West<br />
• Yahoo<br />
High Growth Location<br />
The population in the region surrounding <strong>VCC</strong>-<strong>Hillsboro</strong><br />
has grown exponentially resulting in further residential and<br />
commercial developments. <strong>Hillsboro</strong> is one of the fastest<br />
growing cities in Oregon. The outlook for continued growth<br />
is strong for the area, as thousands of homes are either<br />
planned or under construction. <strong>VCC</strong>-<strong>Hillsboro</strong> is wellpositioned<br />
to benefit from the explosive growth in the area.<br />
Due to the favorable business environment, educated<br />
workforce, and stability in the housing market, many of<br />
the top companies for growing industries have located in<br />
<strong>Hillsboro</strong>.<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
SALE COMPARABLES<br />
14455 SW Allen Blvd<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold December 2010<br />
Sales Price $657,500<br />
Price per SF $155.07<br />
Year Built 1982<br />
RBA 4,240<br />
14665 Murray Blvd, Bldg K<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold March 2010<br />
Sales Price $500,000<br />
Price per SF $225.63<br />
Year Built 2008<br />
RBA 2,216<br />
1791 NW 173rd Ave, Bldg B<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold July 2009<br />
Sales Price $456,090<br />
Price per SF $220.65<br />
Year Built 2008<br />
RBA 2,067<br />
9550 <strong>Beaverton</strong>-Hillsdale Hwy<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold June 2009<br />
Sales Price $897,000<br />
Price per SF $264.13<br />
Year Built $309.37<br />
RBA 3,396<br />
1245 SW 158th Avenue<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold March 2009<br />
Sales Price $1,500,000<br />
Price per SF $150.00<br />
Year Built 2000<br />
RBA 10,000<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
SALE COMPARABLES<br />
8050 SW Pfaffle St, Bldg C<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold November 2009<br />
Sales Price $1,300,000<br />
Price per SF $257.43<br />
Year Built 2009<br />
RBA 5,050<br />
14705 SW Millikan Way, Unit F1<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold November 2008<br />
Sales Price $817,000<br />
Price per SF $311.48<br />
Year Built 2007<br />
RBA 2,623<br />
3669 NW John Olsen Pl, Unit B<br />
<strong>Hillsboro</strong>, <strong>OR</strong><br />
Date Sold September 2008<br />
Sales Price $479,000<br />
Price per SF $194.56<br />
Year Built 2008<br />
RBA 2,462<br />
14791 SW Millikan Way, Bldg 1<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold May 2008<br />
Sales Price $1,323,120<br />
Price per SF $310.00<br />
Year Built 2008<br />
RBA 1,219<br />
3653 NW John Olsen Place, Unit B<br />
<strong>Hillsboro</strong>, <strong>OR</strong><br />
Date Sold April 2008<br />
Sales Price $337,890<br />
Price per SF $310.00<br />
Year Built 2008<br />
RBA 1,219<br />
kiddermathews.com
<strong>VCC</strong>-<strong>Hillsboro</strong><br />
SALE COMPARABLES<br />
14725-14737 Murray Blvd, Unit G1<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold April 2008<br />
Sales Price $734,400<br />
Price per SF $264.55<br />
Year Built 2007<br />
RBA 2,776<br />
3587 NW John Olsen Place, Unit D<br />
<strong>Hillsboro</strong>, <strong>OR</strong><br />
Date Sold March 2008<br />
Sales Price $390,000<br />
Price per SF $320.00<br />
Year Built 2008<br />
RBA 1,219<br />
3645 NW John Olsen Pl, Unit C<br />
<strong>Hillsboro</strong>, <strong>OR</strong><br />
Date Sold March 2008<br />
Sales Price $377,890<br />
Price per SF $310.00<br />
Year Built 2008<br />
RBA 1,219<br />
14787 Murray Blvd<br />
<strong>Beaverton</strong>, <strong>OR</strong><br />
Date Sold January 2008<br />
Sales Price $1,487,700<br />
Price per SF $285.00<br />
Year Built 2007<br />
RBA 5,220<br />
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Financial Summary<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
Financial Summary<br />
<strong>VCC</strong> INDIVIDUAL CONDO<br />
PROJECTED SALES PRICES<br />
Bldg Total Office Flex $/SF Sale Price<br />
BUILDING A<br />
3401 1,806 1,806 ---- $160 $288,960<br />
3409 1,887 1,887 ---- $160 $301,920<br />
3415 3,022 1,282 1,740 $145 $438,190<br />
3423 3,326 1,448 1,878 $150 $498,900<br />
3431 3,120 1,282 1,838 $145 $452,400<br />
3439 1,887 1,887 ---- $160 $301,920<br />
3447 1,887 1,887 ---- $160 $301,920<br />
BUILDING B<br />
3661 1,887 1,887 ---- $160 $301,920<br />
3677 2,726 1,448 1,278 $145 $395,270<br />
3685 2,561 1,282 1,279 $145 $371,345<br />
3691 1,887 1,887 ---- $160 $301,920<br />
3699 1,219 1,219 ---- $160 $195,040<br />
BUILDING C<br />
3601 1,219 1,219 ---- $165 $201,135<br />
3609 1,887 1,887 ---- $165 $311,355<br />
3615 2,561 1,282 1,279 $150 $384,150<br />
3623 2,723 1,448 1,278 $150 $408,450<br />
3631 2,462 1,282 1,180 $150 $369,300<br />
3637 1,887 1,887 ---- $165 $311,355<br />
<strong>VCC</strong> INDIVIDUAL CONDO<br />
PROJECTED SALES PRICES<br />
Bldg Total Office Flex $/SF Sale Price<br />
BUILDING D<br />
3503 1,219 1,219 ---- $160 $195,040<br />
3515 1,887 1,887 ---- $160 $301,920<br />
3527 2,561 1,282 1,279 $145 $371,345<br />
3539 2,721 1,453 1,268 $145 $394,545<br />
3551 2,721 1,453 1,268 $145 $394,545<br />
3563 2,561 1,282 1,279 $145 $371,345<br />
3575 1,887 1,887 ---- $160 $301,920<br />
BUILDING E<br />
3455 1,806 1,806 ---- $160 $288,960<br />
3463 1,887 1,887 ---- $160 $301,920<br />
3471 3,120 1,282 1,838 $145 $452,400<br />
3479 3,226 1,448 1,878 $145 $467,700<br />
3485 3,022 1,282 1,740 $145 $438,190<br />
3493 1,887 1,887 ---- $160 $301,920<br />
3499 1,806 1,806 ---- $160 $288,960<br />
TOTALS<br />
72,265 $154.06 11,006,230<br />
Market Sales Commission: 6%<br />
Owner’s Association Dues: $0.013 per SF per month<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
ANNUAL BUDGET<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
REPLACEMENT COST ANALYSIS<br />
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Exhibits<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
STANDARD FINISHES<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
PARKING PLAN<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
CONDO PLANS<br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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<strong>VCC</strong>-<strong>Hillsboro</strong><br />
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