WILLOWBROOK BUSINESS PARK
Tigard, OR

Willowbrook Business Park, formerly Summerfield Commercial Center, was purchased from an Oregon Savings and Loan. A campus-like center, it consists of a cluster of five, cedar wood frame buildings with large, tinted picture windows. Building sizes range from 6,600 to 13,500 sq.ft. The property is situated on a 5 acre site, with 52,200 square feet of commercially zoned rentable area.

The property was purchased from the Savings and Loan just before the banks failure.

The property was in desperate need of attention. It was approximately eighty-five percent vacant at the time of purchase, mostly due to the Bank's lack of strategy, it's failed attempt to make it a retail center, and a momentary oversupply of office/retail space in the area.

CMREG devised and completed a major capital improvement program. The property was converted into an office/business park. A new name plus exterior improvements changed the Park's appearance to accommodate the new concept of a mixed use project. An entirely new re-marketing strategy, including liberal lease concessions and tenant improvement allowances, generated renewed tenant interest. A superior leasing agent was hired. Community involvement and recognition was sought and significantly enhanced the Park's prospects. Total square footage leased increased dramatically. Reputable local service and retail companies comprised the new tenancy. Existing tenants leased additional space. By the end of this program, the property was 100% occupied.

The property's success was apparent by, not only its full revitalization, but also a dramatic expansion in leasing and new construction surrounding it. This suburb of Portland, during the years of CMREG ownership of Willowbrook, became a major focal point for the information technology business in the Pacific Northwest. The property's fortunes, therefore, improved as a result of the attractive nature of the area, and a dramatic reduction in capitalization rates.