Ebb and Flow: Cannabis: the new ‘it’ tenant

A weekly list of new hires, fires and promotions, as well as business openings and closings: 

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Openings and Closings

Greenspace, a legal weed landlord, has invested in seven Oregon industrial properties to house cannabis growers. The latest purchase: 40,000 square feet on Columbia Boulevard. The ever-expanding portfolio has reportedly been acquired via their “Buy-To-Suit” program, where the company identifies, aquires and then leases properties that are a good fir for cannabis businesses. The company is a clear indicator that cannabis-focused real estate is what’s next for Oregon.

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In keeping with the cart-to-store trend, Portland food cart Masala will reopen this summer as a brick-and-mortar. The popular Indian destination will relocate in the Wilmore Apartment building as Open Tandoor. The restaurant operated by Kinder Gill and Navi Kang will feature healthy Indian cuisine, based on traditional family recipes. Open Tandoor doesn’t have a specific opening date, but intends to throw open the doors mid-August. 

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Los Angeles-based real estate trust Griffin Capital Essential Asset REIT has purchased four buildings in Hillsboro for $45.5 million. The building, called a ‘safe bet’ by Portland Business Journal, has been occupied by Nike since 2008 — all four buildings. Nike uses the building cluster as its Evergreen Technology Campus.

Yet another Oregon public company has left the scene. Cascade Microtech, based in Beaverton, has been acquired by FormFactor, based in California. The $352 million deal as announced in February, closing June 23 at $16 per share. Cascade was the last tech company in Oregon to have an IPO back in 2004. Since 2016, 23 of the 50 public companies have left Oregon and Southwest Washington.

Revolving Door

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Gov. Kate Brown’s former chief of staff has been hired as a lobbyist for PeaceHealth. Brian Shipley will now serve as the nonprofit hospital chain’s system vice president for government affairs. Shipley was appointed Brown’s top aide in February 2015, before he was left the position in November amid email scandal. This isn’t the first time Shipley has worked in government affairs for a hospital. Before joining Brown’s staff, he served as associate vice president for government affairs at Oregon Health & Science University.