June 30, 2020
NORRIS & STEVENS, INC. BROKERS $2.4M SALE OF 5.95 ACRES OF LAND IN HILLSBORO, OREGON
Cedartree Hotels, Inc. recently completed the $2,400,000 purchase of 5.95 acres of land located at NE Wagon Drive and NE Five Oaks Drive in Hillsboro, Oregon.
Cedartree Hotels is a subsidiary of Urban Hotel System, a hospitality company based out of Kyoto, Japan. The Buyer plans to develop the property into a Japanese-style, 120-room hotel complete with a full-service restaurant, sake bar, and traditional tatami room. The hotel will also offer its guests a Japanese garden, heated indoor pool, outdoor stone bath, and state-of-the-art conference rooms.
The project is scheduled to deliver in early 2021 and will be Cedartree Hotels’ first property in the United States.
Greg Nesting and Gabe Schnitzer represented both parties in the transaction.
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 5.9 million square feet of commercial space and 8,400 apartment units.