GRESHAM, ORE. — Westcore has purchased Halsey Business Park, an industrial asset located at 18225-18557 NE Halsey St. in Gresham. New York-based DRA Advisors sold the property for $54.1 million. American Direct, International Paper and Trailblazer Foods fully occupy the 405,000-square-foot facility. Westcore was self-represented, while Buzz Ellis, Mark Detmer, Ryan Sitov and Tyler Sheils of JLL represented the seller in the transaction.
HAPPY VALLEY, ORE. — CBRE has arranged a $35 million loan for the acquisition of Heather Lodge, a multifamily property in Happy Valley. The Randall Group, a local real estate investment firm, purchased the property for an undisclosed price. Located at 13432 SE 169th Ave., the community features 178 apartments in a mix of studio, one-, two- and three-bedroom layouts. Constructed in 2021, the four-story building features a clubhouse, pool, hot tub, dog park and fitness center. Nick Santangelo and Matt Thorp of CBRE Capital Markets’ Debt and Structured Finance in Portland arranged the loan on behalf of the buyer.
LAKE OSWEGO, ORE. — CBRE National Senior Housing has arranged a refinancing for The Springs at Lake Oswego, a 216-unit independent living, assisted living and memory care community in Lake Oswego. The borrower is a joint venture between Harrison Street and The Springs Living. Aron Will, Austin Sacco and Tim Root arranged the non-recourse, four-year, floating-rate loan with three years of interest-only payments through a national bank. CBRE previously arranged construction financing for the community in 2017. The amount was not disclosed. The community opened in 2019 in a highly affluent city approximately eight miles south of downtown Portland.
EUGENE, ORE. — Cumberland Holdings has completed the disposition of Sheldon Butte, a garden-style, value-add multifamily property in Eugene. Clear Capital acquired the asset for $35.7 million. Located at 2555 Willakenzie Road, Seldon Butte features 176 apartments. Community amenities include a leasing office, community lounge, fitness center, pool and spa, four laundry facilities, a recycling center, dog park, picnic and barbecue areas, and a community garden. The property was built in 1972. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
HILLSBORO, ORE. — Trammell Crow Co. (TCC) has completed the sale of an industrial facility located at 3600 NE Huffman St. in Hillsboro. Principal Real Estate Investors acquired the 195,546-square-foot property for an undisclosed price. Hitachi High-Tech America (HTA) plans to occupy the asset, which is known as Hitachi Center of Excellence in Portland, and will utilize the building for semiconductor engineering. HTA plans to be fully operational at the new facility in 2023. The 18-acre site offers additional land that can accommodate an expansion of 100,000 square feet to 130,000 square feet. HTA is an affiliate company that operates within Hitachi Group Cos. to sell and service semiconductor manufacturing equipment, analytical instrumentation, scientific instruments and bio-related products, as well as industrial equipment, electronic devices, and electronic and industrial materials. Paige Morgan, Charles Safley, Tom Pehl, Lou Senini and Chais Lowell of CBRE represented TCC in the sale. Kristin Hammond and David Saad, also of CBRE, represented HTA in the lease negotiations. The project team included Mildren Design Group and Perlo Construction. David Etchart of CBRE Project Management led the tenant project management team, and Lauren Peng of CBRE Property Management acted as the property manager on behalf of the …
PORTLAND, ORE. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At an 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan being refinanced in under seven months. Steven Muth of M&T Realty Capital’s Richmond office led the transaction, in collaboration with Chris Tesla.
MILWAUKIE, ORE. — An affiliate of Guardian Real Estate Services has received preferred equity from PCCP for the development of Monroe Apartments, a multifamily property in Milwaukie, five miles south of Portland. Situated on 7.2 acres, the Class A property will feature 234 apartments spread across five residential buildings in a mix of studio, one-, two- and three-bedroom units. Unit interiors will include quartz countertops, vinyl-plank flooring, stainless steel appliances, in-unit washers/dryers, large closets and USB outlets. Community amenities will include a playground, dog park, outdoor workout area, barbecue stations and a clubhouse that will offer a feature room, bicycle storage and common area. Additionally, the community will feature 301 parking spaces.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of Park Fiesta Apartments, a multifamily property located at 2121 SW Multnomah Blvd. in Portland. SW Multnomah Properties acquired the community from Park Fiesta LLC for $6.7 million. Constructed in 1968 on 1.1 acres, the two-story, 33,180-square-foot apartment complex features 46 units in a mix of one- and two-bedroom layouts. Community amenities include an on-site laundry facility, pool and courtyard. Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Craig McConachie of C&R Real Estate Services Co. represented the seller in the deal.
PORTLAND, ORE. — Ethos Development has broken ground for the construction of Shift Apartments, a five-story multifamily property located in Portland’s Overlook neighborhood. The 43,000-square-foot, transit-oriented community will feature 73 apartments in a mix of lofts, one-, two- and three-bedroom layouts affordable to residents earning 60 percent of area median income. Shift will also feature 22 market-rate micro-studios. On-site amenities will include a gym, community room and roof deck. Works Progress Architecture is serving as architect and O’Brien & Co. is serving as general contractor for the project. Shift Apartments is located one block from Nomad, a 130-unit apartment community completed by Ethos in December 2020.
PORTLAND, ORE. AND VANCOUVER, WASH. — Rockbridge has completed the disposition of a 209-key, two-hotel portfolio located in Portland and Vancouver. Terms of the transaction were not released. The portfolio consists of the 104-room Homewood Suites Vancouver-Portland in Vancouver and a 105-room Homewood Suites Portland Airport in Portland. Since 2016, the hotels have been undergoing $12.4 million in capital improvements (an average of $59,000 per room). Both properties are unencumbered by management. Melvin Chu and John Strauss of JLL Hotels & Hospitality represented Rockbridge in the deal.
