Saturday, November 23, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Oregon

Louisa-Apts-Portland-OR
AcquisitionsMultifamilyOregonWestern

PCCP, Guardian Real Estate Purchase 16-Story High-Rise Apartment Complex in Portland

by Amy Works

PORTLAND, ORE. — A joint venture between PCCP and Guardian Real Estate Services has acquired The Louisa, a 16-story multifamily property at 123 NW 12th Ave. in Portland’s Pearl District. Terms of the transaction were not released. Built in 2005, The Louisa offers 242 apartments, 29,295 square feet of ground-floor retail space and shared ownership of the Brewery Blocks parking garages. The property features townhomes, studio units and one- and two-bedroom apartments with central air conditioning, 10-foot ceilings, in-unit washers/dryers, luxury plank flooring and stainless steel appliances. Additionally, a portion of the apartments feature balconies. Community amenities include resident lounges, a community room, garden terrace with eco roofs, barbecues and a fire pit. The ground-floor retail space is accompanied by West Elm, Williams-Sonoma, Frame Central, lululemon athletica and The Cookie Dough Café.

Continue Reading
FacebookTwitterLinkedinEmail
Keizer-Village-Shopping-Center-Keizer-OR
AcquisitionsOregonRetailWestern

Cumberland Holdings Closes Sale of 76,785 SF Keizer Village Shopping Center in Oregon

by Amy Works

KEIZER, ORE. — Rolling Hills Estate, Calif.-based Cumberland Holdings LLC has completed the disposition of Keizer Village Shopping Center, a neighborhood shopping center in Keizer. A Eugene, Ore.-based private investor acquired the asset for $13 million. Located at 3830-3860 River Road N, Keizer Village Shopping Center offers 76,785 square feet of retail space. At the time of sale, the property was 99 percent occupied. Current tenants include Physiq Fitness, The Thrift Store, Little Caesars Pizza, Metro by T-Mobile, Subway and US Market. Kevin Fryman of Hanley Investment Group, in association with ParaSell Inc., represented the seller, while James Kim of Windermere Real Estate/Lane County represented the buyer in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
Gantry-Bldg-Franklin-Biz-Tualatin-OR
IndustrialLoansOregonWestern

Gantry Arranges $7.2M Acquisition Loan for Industrial Building in Tualatin, Oregon

by Amy Works

TUALATIN, ORE. — Gantry has arranged a $7.2 million permanent loan for the acquisition of a single-tenant warehouse building within Franklin Business Park in Tualatin, approximately 12 miles southwest of Portland. Blake Hering and Keegan Bridges of Gantry represented the borrower, a private real estate investor, in the financing. The 12-year loan was secured from one of Gantry’s correspondent insurance company lenders, with terms including a fixed rate, 25-year amortization and nonrecourse provisions. The 60,405-square-foot property was acquired vacant with a lease for the entire building in place for a long-term single tenant. The building includes 20,521 square feet of office space.

Continue Reading
FacebookTwitterLinkedinEmail
38308-Lakeshore-Dr-Woodland-WA
AcquisitionsMultifamilyOregonWashingtonWestern

Northmarq Brokers $14.3M Sale of Three-Property Manufactured Housing Portfolio in Pacific Northwest

by Amy Works

ROSEBURG, ORE., AND WOODLAND, WASH. — Northmarq has brokered the sale of a three-property manufactured housing portfolio in Oregon and Washington for $14.3 million. Jeff Benson and Sam Neumark of Northmarq represented the undisclosed seller and buyer on both transactions. Vancouver, Canada-based Harmony Communities acquired Western Star Mobile Home Community, a property at 101 Lad Lane in Roseburg that features 117 pads and 46 storage units. The asset was developed in 1973. Hurst and Son LLC purchased the 96-space Woodland properties — Oaks Mobile at 38308 Lakeshore Drive and Woodlands Mobile Home Community (MHC) at 3910 NW Pacific Highway. Woodlands MHC offers a clubhouse, library and waterfront along the Lewis River.

Continue Reading
FacebookTwitterLinkedinEmail
Standard-Eugene-OR
DevelopmentMultifamilyOregonStudent HousingWestern

Landmark Properties Completes 703-Bed Student Housing Development Near University of Oregon

by Amy Works

EUGENE, ORE. — Landmark Properties has completed The Standard at Eugene, a 703-bed student housing development located near the University of Oregon campus in Eugene. The community offers 247 units across 265,000 square feet of residential space in studio through five-bedroom configurations. Shared amenities include a rooftop swimming pool with a jumbotron, grilling areas, hammocks and cabanas; a fitness center with an indoor rock climbing wall; an academic lounge with private study rooms; a resident club and game room; and onsite parking. The community is Landmark’s second development in Oregon, following the delivery of The Retreat at Corvallis near Oregon State University. The development team for the seven-story community included Ankrom Moisan Architects and Landmark Construction, the in-house construction arm of Landmark Properties.

Continue Reading
FacebookTwitterLinkedinEmail
Extended-Stay-America-Premier-Suites-Portland-North-OR
DevelopmentHospitalityOregonWestern

Extended Stay America Opens 146-Room Hotel in Portland, Oregon

by Amy Works

PORTLAND, ORE. — Extended Stay America has opened Extended Stay America Premier Suites Portland North in Portland. Trimark-University Housing IV developed the property, which Ark Hospitality will manage. Located at 1215 N. Hayden Meadows Drive, the three-story hotel offers 146 rooms with fully equipped kitchens featuring full-size refrigerators, microwaves, stovetops, cookware, utensils, dishes and a dedicated workspace. The property features complimentary Wi-Fi and breakfast, a fitness center and on-site guest laundry facilities.

Continue Reading
FacebookTwitterLinkedinEmail
Lake-View-Village-Lake-Oswego-OR
LoansMixed-UseOfficeOregonRetailWestern

Gantry Arranges $15.5M Refinancing for Lake View Village Mixed-Use Building in Lake Oswego, Oregon

by Amy Works

LAKE OSWEGO, ORE. — Gantry has secured a $15.5 million permanent loan for the refinancing of Lake View Village, a mixed-use office and retail property in downtown Lake Oswego, a suburb south of Portland. The master-planned project is located at State Street and A Avenue and offers 91,000 square feet of rentable office and retail space in six village-style buildings ranging from one- to three-stories. Tenants include dining, retail and professional services tenants. Blake Hering and Alicia Sabanero of Gantry represented the borrower, a private real estate investor and the center’s original developer. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features a 30-year amortization at a fixed interest rate.

Continue Reading
FacebookTwitterLinkedinEmail
3883-S-Moody-Ave-Portland-OR
Market ReportsMultifamilyOregonWesternWestern Market Reports

Portland’s Multifamily Market Sees Resurgence in Demand, Boosting Investment Prospects

by Jeff Shaw

— By Josh McDonald, Executive Vice President, CBRE’s Institutional Multifamily Investment Services — Recent data points to positive trends in Portland’s multifamily leasing market heading into the summer months. The rebound in absorption and declining new supply — primarily driven by an active suburban renter base — highlight the resilience and growth potential of the local rental market.  The positive leasing trends in Portland have contributed to create an increase in recent investment sales opportunities. Strong leasing performance, as indicated by elevated absorption rates and demand for rental properties, often translates into positive investor sentiment and heightened investment activity in the multifamily sector. This may signal to investors that the market has opportunities for solid returns and growth potential.  The green shoots in seasonal leasing are weighted in the suburbs with demand accounting for more than 65 percent of the net change in occupied units, emphasizing a strong preference for suburban living. With more than 3,100 units absorbed in 2024 already, the year is on track to surpass the full-year totals for both 2022 and 2023. This may potentially exceeding the 10-year average as well, according to CoStar. Denser urban areas and the Central Business District also experienced an increase …

Continue Reading
FacebookTwitterLinkedinEmail
12021-NE-Airport-Way-Portland-OR
IndustrialMarket ReportsOregonWesternWestern Market Reports

Portland’s Industrial Market Is Down, but Not Out

by Jeff Shaw

— By Gabe Schnitzer, Vice President of Industrial Properties, Norris & Stevens — Portland and Southwest Washington possess a total industrial real estate market of 233 million square feet. Portland is frequently praised as the most affordable city on the West Coast, offering lower average home prices compared to its northern and southern counterparts, while providing a high quality of life for its residents. From 2017 to 2022, Portland’s average annual industrial sales volume was $810 million, with institutional funds accounting for 20 percent of the total sales volume during that time. This represented the highest average industrial volume for the city, with early 2022 boasting nearly $1.4 billion in total sales volume. Then Portland experienced its wake-up call.  Ill-conceived legislation, poor leadership and damaging national media coverage caused the city’s reputation to decline. This, in turn, led to a significant drop in the city’s industrial sales volume. From 2022 to 2023, the volume fell by almost $500 million. Despite hopes of stabilization in 2024, sales volume dropped further by nearly $150 million. While some of this decline can be attributed to interest rates and other macroeconomic factors beyond Portland’s control, the impact on institutional investors has been severe. Their …

Continue Reading
FacebookTwitterLinkedinEmail
621-SW-Morrison-St-Portland-OR
Market ReportsOfficeOregonWesternWestern Market Reports

Portland’s Office Market Sees Upsides Amid Dynamic Conditions

by Jeff Shaw

— By Jessica Ramey, Executive Vice President and Co-Lead for Agency Leasing, and Patricia Raicht, Head of Research for U.S. West and Latin America, JLL — Portland’s office sector is a tale of market cycles, with many signs trending in positive directions. Leasing continues to strengthen, tenants are taking space for longer terms and certain sectors are performing better than others. All of this provides opportunities for those able to execute on them. Portland’s suburban market is second best in the U.S. with a 13 percent vacancy that is significantly below the U.S. average of 21.9 percent. By contrast, the urban market recently tied with Phoenix for the fifth-highest vacancy nationally. Vacancy had been increasing in downtown Portland, but the rate of negative absorption is starting to moderate. JLL anticipates the numbers will turn positive in 2025. Urban/Downtown Market Green-Shoots Rising The revitalization of downtown is making significant progress thanks to efforts by both local government and private-sector groups. As such, the migration of tenants out of the urban core has largely subsided. Nevertheless, as corporations begin to evaluate their space needs and location options, they remain concerned about safety and parking. Many are also increasingly looking at public transit and area amenities …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts