The former Hillsboro campus of the OGI School of Science and Engineering has been purchased for $15.1 million – a 66 percent decrease in value from its price tag when Oregon Health & Science University sold the property in 2006.
Public documents show that Tigard-based Criteria Properties sold the OGI site to Southwest Value Partners, a San Diego real estate investment firm, in a deal recorded April 22.
James Schaff, of Criteria Properties, confirmed that the sale included the entire OGI site. The 40-acre campus has 270,000 square feet of space in 15 buildings, including the 85,000-square-foot Bronson Creek office building.
The property is at 20000 N.W. Walker Rd., in Hillsboro’s AmberGlen area. Development in the neighborhood has been heating up lately as the economy continues to recover, with more than 500 apartment units recently built or now under construction.
Criteria Properties had a receivership arrangement with WC-Portland LLC in last week’s OGI deal, according to a bargain and sale deed provided by the Washington County Department of Assessment and Taxation.
Wakefield Capital purchased the campus in 2006 for $44.4 million and then leased it to OHSU until the university vacated the site last year. Wakefield had just been formed by New York-based NorthStar Realty Finance Corp.
WC-Portland’s filings with the Oregon Secretary of State connect the company with NorthStar – its principal place of business is given as NorthStar headquarters.