Tigard Medical Plaza has sold to a private investor for $14.5 million.

The 20,994-square-foot facility has been purchased via a 1031 exchange, according to Holliday Fenoglio Fowler, which represented the seller.

The building is located at 7300 S.W. Childs Road, on 1.74 acres west of Interstate 5. The plaza was completed in 2005; it’s now fully leased to the Oregon Outpatient Surgery Center and Sports Medicine Oregon.

HFF declined to identify the buyer and seller. Sale information was not yet available from Washington County. The county listed the former owner as ESG Investments, a limited liability company that lists Jonathan Greenleaf of Tigard and Richard Edelson of Portland as members.

HFF managing director Evan Kovac, director Andrew Milne, senior associate Trent Jemmett and analyst Maria Poyer represented the seller. Director Logan Greer provided local market expertise. Managing director Casey Davidson and senior director John Chun provided debt advisory services for the transaction.

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An Old Town Chinatown office tower will get an update now that an institutional investor has purchased it.

The distinctive tower at 220 N.W. Second Ave., near the riverfront, has served as NW Natural‘s headquarters since the building was completed in 1984. However, the utility company is preparing to move into the office tower being constructed at Southwest Third Avenue and Taylor Street, so the building at 220 N.W. Second Ave. became available for repositioning.

Menlo Equities sold the building to an undisclosed institutional buyer who was advised by local partner Specht Development Inc., according to a news release from Holliday Fenoglio Fowler, which brokered the sale. The price was not disclosed and had not yet appeared in public records. Menlo Equities previously bought the building in January 2015 for $48.5 million.

The new owner plans to modernize the lobby, add first-floor amenities to be shared by tenants and activate existing retail spaces, according to HFF.

The HFF investment advisory team included director Logan Greer, senior managing director Michael Leggett, senior managing director Gerry Rohm, senior director Ben Bullock, director Dave Otis and analysts Jeff Hodson and Kevin Freels.

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