Just about 18 months ago, Los Angeles real estate investment firm Vista Investment Group had no Portland-area properties in its portfolio.
Now it’s got close to 500,000 square feet thanks to a string of four acquisitions.
The latest comes in the form of Hollywood Station, a 69,100-square-foot mixed-use building at 4224 N.E. Halsey St. Vista acquired the building, which is home to a 24 Hour Fitness, 17,000 square feet of office space and 2,000 square feet of retail space, from MAJ 24 LLC, a company linked to Vancouver’s MAJ Commercial Real Estate. The price was $22 million.
Vista represented itself in the deal, while Blake Federinko, Brandi Ho and Michael Jenkins from MAJ represented the ownership.
Vista’s first Portland-area purchase was the Nimbus Oaks business park in Beaverton, which it acquired in 2017 for an undisclosed amount, though it was likely north of $26 million. It also picked up the Custom House in Old Town Chinatown for $30 million in 2017 and the Cornell West office building in Beaverton for $22 million in March. JLL’s Buzz Ellis led the JLL team representing the seller in the latter deal.
With the latest acquisition, Vista has invested more than $100 million in the Portland-area market. It plans to close on a multifamily property in Vancouver next month.
In a release, Vista President Jonathan Barach said the company likes the Portland area for all the same reasons that so many other investors have turned their attention here.
“Greater Portland remains a key target market for us,” he said. “It represents a relative value compared to more mature markets like Seattle and the San Francisco Bay Area, while demonstrating similar strong market fundamentals and demographics.”