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Portland-based is jumping on what it feels is a hot market.

The company has purchased a three-building, 85,000-square-foot, multitenant industrial property in the Sunset Corridor of Hillsboro for $6.3 million. The facility is located between 2240 and 2260 N.E. Griffin Oaks St., just across the street from the Intel Jones campus.

鈥淚t made sense for us right now as we see that the multitenant industrial market is going to be hot, and continue to be so,鈥� said Jordan Menashe of Menashe Properties.

Menashe said the purchase was outside of the company’s typical repertoire in that it was not a particularly value-added deal with an extremely low starting price per square foot. Rather, he said, the company sees the property as a good way to diversify its portfolio.

Office vacancies in the Sunset Corridor have dropped 4 percent to 21.35 percent in the past quarter, according to Norris, Begs & Simpson’s fourth quarter market summary of the Portland-metro area. Two leases propelled that drop: Nike’s lease of a 93,938-square-foot space at Cornell Oaks Corporate Center and the Regus Group’s lease of a 17,689-square-foot space at the AmberGlen Business Center.

Menashe said the Griffin Oaks St. property is 100 percent occupied and currently has about 15 tenants 鈥� most of which are subcontractors for Intel. He said that’s good because even when construction of Intel’s D1X fabrication plant 鈥� scheduled for research and development in 2013 鈥� is complete, those subs will still be needed for maintenance and care of the semiconductor manufacturer’s systems. Tenants include McKinstry, Quality Plus Services, Foxconn Technology Group and Shanker Logistics.

And while Menashe Properties doesn’t expect the property to provide a huge, immediate return on investment, Menashe said, it will provide a solid one.

鈥淚t’s clean, good industrial, multitenant real estate,鈥� Menashe said. 鈥淚t’s not a home run, but right now there’s not a lot of home runs out there. I’d call this a double, maybe a triple if we’re lucky. But something like this minimizes your risk.鈥�