At a glance
- At the sale price, the buyers are in at roughly $144 a foot, with about 21,400 square feet left for the new owners to fill.
- Applied Materials and KLA, both semiconductor industry leaders, anchor the campus.
- Kellen Kollmorgen, a Newmark director, represented the seller, whose identity was not disclosed.
Newmark has arranged the $30.9 million sale of Hillsboro's Trellis West campus to SKB and KCB Partners, a 214,152-square-foot advanced manufacturing and research property that is 90 percent leased. At the sale price, the buyers are in at roughly $144 a foot, with about 21,400 square feet left for the new owners to fill.
Applied Materials and KLA, both semiconductor industry leaders, anchor the campus. Travis Parrott, Newmark's Portland market leader, and managing director Josh Schweitz took the leasing assignment in May 2025 and have since signed nearly 87,000 square feet across five separate leases at rents the brokers call market-high, with commitments from SemiAnalysis, Chempower Corporation, Onto Innovation and Hyve Solutions. Those five leases amount to about 40 percent of the building's area, though how much was new absorption and how much was renewal is not disclosed.
Kellen Kollmorgen, a Newmark director, represented the seller, whose identity was not disclosed. The firm's Western Region Capital Markets group, led by president and executive vice chairman Steve Golubchik and with senior managing director Darren Hollak named as supporting the transaction, brought the buyer side across the finish line. Newmark closed four deals in the last three days of September.
A $144 basis versus a $480 single-tenant comp
At $144 a foot, Trellis West's basis sits well below the single-tenant net-lease industrial pricing this publication covered in the South Bay this summer, where Hackman's exit from a Rivian-leased building cleared $480 a foot. That Rivian number bought one triple-net lease and no roll to manage; Hillsboro is the other shape of the trade, with five leases signed over the past year, a landlord's job still open on a tenth of the building, and a buyer paying for income a broker has already proven.
The construction freeze has pushed large managers toward development because existing product has been expensive, and a $144 basis on a lease-stabilized campus is where the buy side can still make an existing asset pencil. One trade is not a repricing, and the seller's basis is unknown, so nothing here establishes a gain or a loss for anyone involved.
The buyer gets a campus whose anchors are the draw, but no disclosure says when the KLA and Applied Materials leases expire—the figure that would show how much of that leased area is locked and for how long. The last 21,400 square feet is the bet the buyer just made.
Reported by the Deals desk from Connect CRE and PRED records (entity file: Newmark). Published . Corrections