Oregon

Norris & Stevens Brokers $1.6M Sale of Self-Storage Facility in Portland, Oregon

by Amy Works July 15, 2024

PORTLAND, ORE. — Norris & Stevens has arranged the sale of a mini-storage warehouse, located at 5620-5622 S. Kelly Ave. in Portland. Ronald A. Buss and Teresa McCurdy sold the asset to Macadam Moving LLC for $1.6 million. Constructed in 1964 as a warehouse and renovated into a self-storage facility in 1998, the 17,322-square-foot property offers 168 individuals storage units, four office/retail spaces and a freight elevator. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Jason Kennedy of RE/MAX Equity Group represented the buyer in the deal.

July 15, 2024

Loans Multifamily Oregon Western

PCCP Provides $45M Refinancing for The Dylan Multifamily Community in Portland, Oregon

by Amy Works July 9, 2024

PORTLAND, ORE. — PCCP has provided a $45 million senior loan to a joint venture between Alamo Manhattan and MetLife Investment Management for the refinancing of The Dylan, an apartment property in Portland. Located at 3883 S. Moody Ave., The Dylan offers 232 apartments and 6,154 square feet of ground-floor retail space. Built in 2022, The Dylan features 19 studios, 185 one-bedroom and 28 two-bedroom units, with an average size of 724 square feet. The units feature nine-foot ceilings, stainless steel appliances, quartz countertops with designer backsplashes, plank flooring and washers/dryers. Select units include a kitchen island, separate shower, walk-in closet and private balcony. Community amenities include communal workspaces, a fitness center, top-floor resident lounge, dog wash station, private courtyard with fireplaces and barbecues, and a rooftop terrace with views of downtown Portland, as well as one floor of subterranean parking. Charles Halladay and Charlie Watson of JLL Capital Markets Debt Advisory arranged the non-recourse loan.

July 9, 2024

Acquisitions Industrial Leasing Activity Oregon Western

Colliers Arranges Sale of 201,000 SF North Plains Logistics Center in Oregon

by Amy Works June 26, 2024

NORTH PLAINS, ORE. — Colliers has arranged the completion of a 10-year lease agreement with DB Schenker, as the tenant, and the forward sale of North Plains Logistics Center to STAG Industrial Holdings. Far West Fibers sold the asset for an undisclosed price. Situated on 10.5 acres in North Plains, located within Oregon’s Silicon Forest submarket just west of Portland, North Plains Logistics Center features 201,750 square feet of industrial space. Jerry Matson and Colin Russell of Colliers, along with West Industrial Capital Markets’ Michael Kendall and Gian Bruno, represented the seller in the deal. Matson and Cole Hooper of Colliers represented tenant, DB Schenker, in the site selection and lease negotiations. Matson and Russell also represented the landlord in lease negotiations.

June 26, 2024

Acquisitions Arizona Florida Midwest Ohio Oregon Retail Southeast Top Stories Western

Pine Tree Acquires 2.5 MSF Retail Portfolio from SITE Centers for $495M

by Jeff Shaw June 14, 2024

NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million. The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton

June 14, 2024

Industrial Loans Oregon Western

Gantry Arranges $16.2M Loan for FedEx Warehouse Acquisition in Portland

by Amy Works June 13, 2024

PORTLAND, ORE. — Gantry has arranged a $16.2 million permanent loan for the acquisition of a warehouse facility located at 6447 N. Cutter Circle in Portland. FedEx Ground fully occupies the 212,000-square-foot building, which was redeveloped in 2015. The 126-door, cross-docked facility offers ready access to the Port of Portland, Interstate 5, Union Pacific Railroad and Portland International Airport. Tony Kaufmann and Joe Foley of Gantry’s San Francisco production office represented the borrower, a private real estate investor. The long-term, fixed-rate loan was secured from one of Gantry’s correspondent life company lenders and structured with a term that exceeds the tenant’s firm lease term. The loan features interest-only payments for half the term, followed by a 30-year amortization period.

June 13, 2024

Acquisitions Loans Multifamily Oregon Student Housing Western

JLL Provides Acquisition Financing for K14 Campus Flats Student Housing Near the University of Oregon

by Amy Works June 4, 2024

EUGENE, ORE. — JLL has provided an undisclosed amount of acquisition financing for K14 Campus Flats, a student housing community located across the street from the University of Oregon campus in Eugene. Patricia Heminger, Dan Kearns, Stephen VanLeer, Rebecca Brielmaier, Sam Tarter and Merrick Evans of JLL worked on behalf of the borrower, Waterway Family Funds, to place the 10-year acquisition financing with Freddie Mac. JLL Real Estate Capital will service the loan. The seller in the transaction was not disclosed. Located at 1414 Kincaid St., K14 Campus Flats offers 45 units in two-, three- and four-bedroom configurations. The property was fully leased at the time of sale. Shared amenities include a community courtyard, lounge, grilling station and onsite bicycle storage.

June 4, 2024

Acquisitions Multifamily Oregon Western

Brinkman Real Estate Buys Autumn Woods Apartments in Salem, Oregon

by Amy Works May 9, 2024

SALEM, ORE. — Colorado-based investment firm Brinkman Real Estate has purchased Autumn Woods Apartments & Townhomes in Salem. The newly constructed, 10-building property offers two- and three-bedroom apartments and townhomes. Units feature private yards, patios and attached garages, as well as individual washers and dryers. Jason Bond and Grant Bailey of Berkadia provided an undisclosed amount of Fannie Mae acquisition financing for the deal. The seller and sales price were also not disclosed.

May 9, 2024

Acquisitions Industrial Oregon Self-Storage Washington Western

Spartan Investment Group Acquires Three Self-Storage Facilities in Pacific Northwest for $44M

by Amy Works May 8, 2024

PORTLAND, ORE., AND VANCOUVER, WASH. — Colorado-based Spartan Investment Group has acquired three self-storage facilities in Oregon and Washington for $44 million. The seller was not disclosed. The 224,299-square-foot portfolio, which is managed by Extra Space Storage, includes: All properties were built within the last seven years and offer ground-level drive-up units, interior heated units with first floor and elevator access, interior non-climate-controlled units and parking spaces.

May 8, 2024

Loans Multifamily Oregon Western

Gantry Arranges $40.5M Loan for Multifamily Community in Albany, Oregon

by Amy Works April 15, 2024

ALBANY, ORE. — Gantry has arranged a $40.5 million permanent loan to retire construction financing for a multifamily property in Albany, approximately midway between Salem and Eugene. The recently completed, stabilized, Class A property features 264 apartments in a mix of one-, two- and three-bedroom floor plans spread across 23 buildings on 17 acres. Community amenities include a clubhouse, pool, therapeutic hot tub, sauna, 24/7 fitness center, theater room, sports court, playground and off-leash dog park. Blake Hering and Crischell Bacarro represented the borrower, a private real estate investor. Fannie Mae, via Walker & Dunlop, provided the five-year, interest-only, fixed-rate loan.

April 15, 2024

Loans Multifamily Oregon Western

Dwight Mortgage Trust Provides $58.8M Loan for Solis at Petrosa Apartments in Bend, Oregon

by Amy Works April 10, 2024

BEND, ORE. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided $58.8 million in bridge financing for Solis at Petrosa, an apartment complex in Bend. McBride Capital brokered the transaction for the borrower, Pahlisch Commercial. Proceeds from the loan will go towards refinancing the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. Situated on 10 acres, the community features 260 apartments spread across eight three-story buildings. Community amenities include a pool, community lounge with a full kitchen, fitness room, golf simulator room and pet wash station.

April 10, 2024

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