Portland, OR, February 22, 2007 – GE Real Estate announced today it provided a $9.5 million long-term, fixed rate loan to J&R Group, a real estate investment firm based in China, for its acquisition of One Airport Center near Portland International Airport. The 71,000 square-foot, Class A office building is 100 percent occupied with Rentrak Corporation occupying 75 percent of the space.
The facility was built in 1996 on one acre of land at 7700 NE Ambassador Place in the mixed use development Portland International Center where Ikea is now constructing a 250,000 square-foot store, its first in Portland, which will open in July. Rentrak, an information management company serving clients in the media, entertainment, retail, advertising and manufacturing industries, has always been its major tenant and recently signed another 10-year lease.
This 10-year loan was the first transaction between GE Real Estate and J & R Group. The credit strength of Rentrak combined with the property’s prime location at the Portland International Airport enabled GE to structure a deal with no collection reserves to improve J & R Group’s cashflow position.
"We are committed to expanding our presence in the Portland market, and the strong fundamentals of this transaction made this a highly attractive investment opportunity,” said Kyle Williams, senior director, Western region, GE Real Estate. “By working closely with the J & R Group, we were able to structure a flexible financing solution that supports its growth objectives. We look forward to building this relationship and collaborating on more deals in the near future.”
GE Real Estate’s North America Lending division offers financing for retail, industrial, self-storage, multifamily, office, student housing, regional malls and outlet centers. North America Lending is also a provider of financing solutions for niche asset classes including affordable housing, golf, hospitality, vacation ownership, manufactured home communities and RV resorts.
GE Contact:
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John Oliver
Office: 203/750-3089
Cell Phone: 203/984-7757
john.oliver@ge.com
For other inquiries please call 1-888-GE-First extension 333
HLB Communications, Inc.
Richard Ringer
312/649-0371
rringer@hlbcomm.com
Notes to editors:
About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with US$49 billion in assets and a presence in 24 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 26% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With over US$215 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
