Oregon

ARIZONA, NEW MEXICO, OHIO AND OREGON — Intel Corp. and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. The proposed funding would help advance Intel’s critical semiconductor manufacturing and research-and-development (R&D) projects at its sites in Arizona, New Mexico, Ohio and Oregon. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development (R&D) capabilities. According to a release, Intel is the only American company that both designs and manufactures leading-edge logic chips. “Today is a defining moment for the U.S. and Intel as we work to power the next great chapter of American semiconductor innovation,” says Intel CEO Pat Gelsinger. “Artificial intelligence is supercharging the digital revolution, and everything digital needs semiconductors.” Santa Clara, Calif.-based Intel is building two new fabrication plants in Chandler, Ariz. The new factories on the company’s Ocotillo campus are part of Intel’s multibillion-dollar global manufacturing build-out, which includes new or expanded facilities in Oregon, New Mexico, Ohio, Malaysia, Ireland, Poland, Israel and Germany. Construction is underway on Intel’s Fab 9 factory in Rio Rancho, N.M. Fab …

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Creekview-Crossing-Sherwood-OR

SHERWOOD, ORE. — JLL has arranged the sale of Creekview Crossing, a garden-style apartment community located at 21759 SW Cedar Brook Way in Sherwood, a suburb southwest of Portland. A fund managed by LaSalle Investment Management acquired the asset for an undisclosed price. The name of the seller was not released. Built in 2009, Creekview Crossing features 183 one-, two- and three-bedroom apartments with attached garages, nine-foot ceilings, granite countertops and central HVAC. Community amenities include a 24-hour fitness center, a playground, pool and picnic tables. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets’ investment sales advisory team represented the seller and procured the buyer in the deal.

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Parkview-Christian-Retirement-Portland-OR

PORTLAND, ORE. — Ziegler, as exclusive financial advisor to the seller, has arranged the acquisition of Parkview Christian Retirement Community in Portland. Founded by members of the Columbia Baptist churches, the nonprofit Oregon Baptist Retirement Home Society opened its doors in 1944. The community expanded several times over the next 40 years. In 1987, the organization moved to its current location in northeast Portland and expanded again 10 years later. Today, the campus consists of 115 rental independent living apartments and 62 assisted living units spread over approximately six acres of land. The buyer is a for-profit owner-operator. The price was not disclosed. The Ziegler investment banking team included Humair Sabir, Stephen Johnson, Marie Carlson, and Ryan Anders.

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The-Beverly-Portland-OR

PORTLAND, ORE. — Newmark has arranged the sale of The Beverly, a boutique mixed-use asset in Portland’s Hollywood District. Terms of the transaction were not disclosed. Originally delivered as condominiums in 2009, the 48,684-square-foot community features ground-floor retail space and 53 high-end residential units above. Whole Foods Market anchors the retail space. Nick Kucha, Nick Bicardo, Jakob Nicholls, Robert Black and Sam Lawhead of Newmark represented the undisclosed seller, while Tim Sotoodeh represented the undisclosed buyer in the deal.

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Outlook-Pilot-Butte_Bend-Ore

BEND, ORE. — CBRE has arranged the $57.5 million sale of Outlook at Pilot Butte, a 205-unit apartment community in Bend. Built in 2017 on five acres, the property comprises three four-story buildings with one- and two-bedroom floorplans.  Units average 761 square feet. Amenities at the community include a fitness center, clubhouse and an outdoor patio with a fire pit. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller, Seattle-based Security Properties, in the transaction. The buyer was not disclosed. 

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Lincoln City Outlets

LINCOLN CITY, ORE.— Horizon Group Properties (HGP) has acquired Lincoln City Outlets in Lincoln City, a coastal city approximately 100 miles southwest of Portland. An entity doing business as LC Outlets JV LLC served as joint-venture partner to HGP in the $35.3 million purchase. The open-air outlet center comprises 50 individual retail, restaurant and venue spaces. Tenants at the property include Nike, Coach, Pendleton, North Face, Eddie Bauer, Scout Northwest Trading Co., Salt and Point Break Fitness. Gilgamesh Brewing also recently opened at the center. HGP will act as the managing member of the joint venture and handle the leasing, management and marketing of the property. The seller was not disclosed. “The addition of Lincoln City Outlets aligns with our long-term strategy of acquiring outlet centers in regions that are strong tourist destinations,” says Gary Skoien, president and CEO of HGP. 

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Merx-Portland-OR

PORTLAND AND SALEM, ORE. — Deacon Development is nearing completion on three apartment properties, totaling 352 units, in Portland and Salem — Rivenwood, Merx and Paceline. CloudTen Residential will oversee all lease-up and management activities at the assets. Situated in Portland’s Slabtown submarket, the seven-story Merx will feature 126 studio and one-bedroom apartments ranging from 297 square feet to 453 square feet. Originally the site of Sylvia’s Grocery, which opened in 1884, Merx (short for mercantile) will offer a resident lounge, coffee bar, private outdoor terrace and rooftop deck, as well as ground-floor retail space. Pre-leasing is slated to begin this month with units ready for move-in late April 2024. Located at 1341 N. Killingworth St. in Portland, Paceline will feature 69 studio and one-bedroom apartments, ranging from 350 square feet to 460 square feet. All apartments will include in-unit washers/dryers, custom casework, quartz countertops and expansive windows. Community amenities will include package lockers, bike parking and a rooftop deck. Completion is scheduled for June 2024. The five-story Rivenwood, located at 420 Center St. NE in downtown Salem, will offer 157 studio, one- and two-bedroom apartments ranging from 370 square feet to 849 square feet. Apartments will include stainless steel …

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4123-NE-Columbia-Rd-Portland-OR

PORTLAND, ORE. — Norris & Stevens has arranged the sale of an industrial building located at 4123 NE Columbia Blvd. in Portland. Creitz Marital Trust sold the asset to an undisclosed buyer for $1.2 million. Greg Nesting, Chase Brand and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller in the deal. Constructed in 1920, the 5,128-square-foot property features a 2,460-square-foot shop and a 2,488-square-foot main office area.

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12021-NE-Airport-Way-Portland-OR

PORTLAND, ORE. — BKM Capital Partners has acquired Airport Way Corporate Park, a three-building industrial property in Portland, for $24.5 million. The name of the seller was not released. BKM plans to rename the property PDX Distribution Center. Located at 12021 NE Airport Way and 12055 and 12067 NE Glenn Widing Drive, the 140,693-square-foot property operates as a multi-tenant park. The three buildings offer 16 units ranging in size from 3,666 square feet to 32,533 square feet with office space accounting for 36 percent of the overall leaseable area. Built in phases between 1992 and 2008, the park features 19 dock-high and 22 grade-level loading doors, up to 26-foot clear heights, concrete truck courts and ample parking. At the time of sale, the asset was 97 percent leased to 15 tenants. BKM plans to invest more than $1.3 million into capital improvements. Plans include upgrades to the roof, parking lots and HVAC systems, as well as a modernized paint scheme, new signage and refreshed landscaping. The company also plans to convert a vacant unit into functional warehouse space. Paige Morgan, Brett Hartzell and Cara Nolan of CBRE represented the seller in the transaction.

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Happy-Valley-Crossroads-East-Portland-OR

PORTLAND, ORE. — Gramor Development and LRS Architects have completed Happy Valley Crossroads East, a six-building retail center in Portland. The open-air property features 39 commercial spaces in a variety of sizes and layout. The asset is situated within walking distance of nearby residential neighborhoods.

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