Oregon

HGP Acquires Lincoln City Outlets in Oregon for $35.3M

by Hayden Spiess February 20, 2024

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.

February 20, 2024

Development Multifamily Oregon Western

Deacon Development Nears Completion of Three Multifamily Communities in Oregon Totaling 352 Units

by Amy Works February 16, 2024

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 …

February 16, 2024

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $1.2M Sale of Industrial Building in Portland, Oregon

by Amy Works February 14, 2024

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.

February 14, 2024

Acquisitions Industrial Oregon Western

BKM Capital Partners Acquires 140,693 SF Airport Way Corporate Park in Portland, Oregon

by Amy Works February 7, 2024

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.

February 7, 2024

Happy-Valley-Crossroads-East-Portland-OR

Development Oregon Retail Western

Gramor Development, LRS Architects Complete Happy Valley Crossroads East Retail Center in Portland, Oregon

by Amy Works January 22, 2024

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.

January 22, 2024

Acquisitions Multifamily Oregon Western

CBRE Negotiates $99M Sale of 304-Unit Multifamily Community in Hillsboro, Oregon

by Amy Works January 3, 2024

HILLSBORO, ORE. — CBRE has directed the sale of Tessera at Orenco Station, an apartment property located at 6523 NE Cherry Drive in Hillsboro, a suburb west of Portland. Seattle-based Security Properties sold the asset to an undisclosed buyer for $99 million. Built in 2014, Tessera at Orenco Station features three residential buildings offering a total of 304 one-, two- and three-bedroom floorplans, averaging 807 square feet. Unit amenities include stainless steel appliances, granite countertops, European-style cabinetry, walk-in closets and in-unit washers and dryers. Community amenities include an outdoor pool and spa, a fully equipped fitness center, game lounge, business center with work-from-home studios, a fire pit, barbecues and a bark park with a dog run. Additionally, the property features 369 resident, visitor and retail parking spaces. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the transaction.

January 3, 2024

Acquisitions Multifamily Oregon Student Housing Western

Core Spaces, Harrison Street Acquire 686-Bed Student Housing Community Near University of Oregon

by Amy Works December 20, 2023

EUGENE, ORE. — A joint venture between Core Spaces and Harrison Street has acquired Identity Eugene, a 686-bed student housing community located near the University of Oregon campus in Eugene. The property has been rebranded The Rive Eugene and offers 209 units in studio through five-bedroom configurations. Shared amenities at the community include a resort-style, rooftop swimming pool and hot tub; state-of-the-art fitness center; roof deck with fire pits and outdoor grilling space; and a clubroom with games and private workspaces. Accounts managed by KKR provided financing for the transaction. The seller and price were not disclosed. “The University of Oregon fits well within our strategy and The Rive Eugene checks all the boxes in terms of location, quality, amenities and leasing performance,” says Brendan Miller, chief investment officer of student housing at Core Spaces.

December 20, 2023

Acquisitions Industrial Office Oregon Western

Sherpa Design Acquires 14,589 SF Flex Building in Portland, Oregon

by Amy Works December 19, 2023

PORTLAND, ORE. — Beam Development and Urban Development + Partners have completed the disposition of 224 S.E. 2nd Street, a Class B flex building in Portland. Sherpa Design acquired the property in an off-market transaction for an undisclosed price. The sellers recently renovated the 14,589-square-foot former coffee production facility for the new owner, which plans to occupy the space itself. The 22-year-old product development, engineering services and manufacturing firm relocated and expanded to the 2nd Street space from another Portland location. Originally built in 1936, the three-story flex building offers creative office and light industrial space with large windows, 4,700-square-foot floorplates and high ceilings. Buzz Ellis of JLL Capital Markets and Annalore Rodman of JLL Agency Leasing represented the seller in the deal.

December 19, 2023

Acquisitions Industrial Oregon Western

BKM Capital Partners Purchases 451,062 SF Industrial Park in Beaverton, Oregon

by Amy Works December 14, 2023

BEAVERTON, ORE. — BKM Capital Partners has acquired 217 Distribution Center, a five-building industrial park in Beaverton, from an institutional investor for an undisclosed price. The 1970s-era property is located at 10950-11065 SW 11th St. Totaling 451,062 square feet, the asset features 13 units ranging in size from 9,945 square feet to 67,459 square feet. The park offers 68 dual dock-high and 12 grade-level loading capabilities, up to 24-foot clear heights and access to 14 railway dock doors. Less than 9 percent of the asset’s total footprint consists of office space. BKM plans to invest $4 million in capital improvements, including upgrading to roofs, parking lots, landscaping, HVAC systems and interiors, as well as updates to the signage and paint scheme. Additionally, improvement plans call for increasing the number of units from 13 to 15 and decreasing the average unit size from 34,697 square feet to 29,975 square feet.

December 14, 2023

Charbonneau-Village-Center-Wilsonville-OR

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $1.5M Sale of Charbonneau Village Center in Wilsonville, Oregon

by Amy Works December 7, 2023

WILSONVILLE, ORE. — Norris & Stevens has arranged the sale of Charbonneau Village Center, a retail strip center at 31840 SW Charbonneau Drive in Wilsonville, a southern suburb of Portland. FFF Charbonneau LLC sold the asset to Perseverance LLC for $1.5 million. Constructed in 1980, Charbonneau Village Center features 9,828 square feet of retail space, abundant parking and strong tenant mix. Todd VanDomelen and Michael Brown of Portland-based Norris & Stevens represented the seller, while Daniel Silvey with Knipe Realty represented the buyer in the deal.

December 7, 2023

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