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Tualatin Surgery Center

Tualatin, OR
Medical Office Portfolio
8,006 RSF

Ethos Commercial Advisors was retained by Rowin Properties to dispose of a portfolio of five office condominiums leased to a spinal and neuropathic pain practice and reciprocal ambulatory surgical center. Although the condominium structure and relatively short leases would present valuation and financing challenges, Ethos’ underwriting team determined that the property location and tenant improvements held significant value to the tenants and offered a high risk-adjusted reward.

Over the next six months, Ethos led a direct marketing campaign targeting a group of roughly 2,000 potential buyers preselected through a proprietary process for interest in high-yield medical property. Despite the property being brought to market during the height of the Covid-19 pandemic, this process led to receiving two competing offers, helping the listing team to negotiate an improved price and deal terms for the seller.

While under contract, the property received an under-market appraisal putting the transaction in jeopardy. Ethos acted swiftly by both submitting a comprehensive defense of value to the lender and scouring the market for a backup buyer. The original buyer ultimately pulled out, but Ethos’ efforts yielded a highly-motivated 1031 buyer with better price and terms.

This second transaction was also threatened by a low appraisal. But this time Ethos’ comprehensive defense of value resulted in the buyer’s lender increasing loan proceeds by 42%, allowing the buyer to close without any reduction in purchase price.


“Despite taking this assignment during the height of the coronavirus pandemic, the Ethos team was able to identify multiple active buyers, create competition, and execute during a challenging market and time. Their in-depth knowledge of the market allowed us to contest a low-value appraisal and close for full price. They pay attention to details and are willing to put in work where others may lose focus.”
Craig Edwards
LICPA, CGMA, Owner Advisor