Oregon

Glencrest Group Buys Multifamily Property Near Portland, CBRE Capital Markets Secures $13.8M Loan

by Amy Works January 25, 2021

CANBY, ORE. — San Francisco-based Glencrest Group has purchased The Township, an apartment community located at 700 SE Fifth Ave. in Canby, approximately 25 miles south of Portland. Andrew Behrens and Jesee Weber of CBRE arranged a $13.8 million, 10-year, fixed-rate loan for the buyer. Josh McDonald of CBRE’s Portland office represented the undisclosed seller in the transaction. The Township features 92 units in a mix of one-, two- and three-bedroom floor plans spread across 13 buildings, with an average unit size of 987 square feet. The apartments offer decks, patios and washer/dryers. Community amenities include a clubhouse, fitness center, playground, storage units and 166 parking spaces. At the time of sale, the property was 98 percent leased.

January 25, 2021

Acquisitions Multifamily Oregon Western

Trion Properties Acquires Two Adjacent Multifamily Assets Near Portland Totaling 95 Units

by Amy Works January 14, 2021

TUALATIN, ORE. — Trion Properties has purchased two adjacent apartment communities in Tualatin, a southwest suburb of Portland. Terms of the transaction were not released. Trion will operate the two properties, formerly known as Casa De Robles and Cypress Gardens, as one community – Fox Meadows, located at 19605 SW Boones Ferry Road. Built in 1968, the property features 95 townhome-style units in a variety of floor plans, ranging from 562 square feet to 1,033 square feet, with patios and decks available on some units. Recent interior upgrades include grey vinyl plank flooring, stainless steel appliances, quartz countertops, undermount sinks, new custom cabinetry, Bluetooth locks and upgraded bathroom vanities. Common amenities include a swimming pool, laundry facilities and ample parking and storage.

January 14, 2021

Acquisitions Data Centers Industrial Oregon Western

Harrison Street, 1547 Data Center Fund Acquire Pittock Block in Portland for $326M

by Amy Works January 6, 2021

PORTLAND, ORE. — Harrison Street and 1547 Data Center Real Estate Fund II, an affiliate of fifteenfortyseven Critical Systems Realty, have purchased the historic Pittock Block Building, a 302,262-square-foot, mixed-use asset in Portland’s central business district, for $326 million. The seller was Also Investment Co. The price is the highest transaction cost in Oregon since 2015, according to JLL, which brokered the deal. The 302,200-square-foot building is one of the most connected data center buildings in the United States, serving 179 service providers, according to the buyers. Additionally, the property is one of only two primary internet exchanges in the entire Northwest. The property also features office suites and retail space. The acquisition of Pittock Block is the second investment for Harrison Street and 1547 following the purchase of the Wells Building, a carrier hotel and data center in Milwaukee. The Pittock Block is named after Portland publishing magnate Henry L. Pittock, whose house was located on the property until construction. The building was developed by a subsidiary of the Northwestern Electric Co. and several other investors, primarily as an office building with an electrical and steam generation plant in the three-story sub-basement serving the Portland westside. In 1986, Alco …

January 6, 2021

Acquisitions Multifamily Oregon Western

BPM Real Estate Group Sells Sunset Summit Apartments in Portland to Prime Residential for $80.7M

by Amy Works January 4, 2021

PORTLAND, ORE. — BPM Real Estate Group has completed the disposition of Sunset Summit, a multifamily community located in the West Hills neighborhood of Portland. Prime Residential acquired the property for $80.7 million, or $309,387 per unit. Situated on 31 acres, the 261-unit Sunset Summit was built in 1989 and renovated in 2014. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.

January 4, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

Merrill Arranges Sale of Independent Living Community in Oregon for $4.1M

by Amy Works November 24, 2020

NORTH BEND, ORE. — Merrill Commercial Real Estate has arranged the sale of a 69-unit independent living community in North Bend. The 44,000-square-foot community was part of a senior living portfolio that went into receivership in late 2019. The property is one of four properties in the portfolio that make up a continuum-of-care model in the local area. The name of the property and campus were not disclosed. Mike Merrill represented the court-appointed receiver. A California-based investment group focused on the multifamily sector paid $4.1 million for the property, representing a capitalization rate of 8.4 percent. The community was 80 percent occupied at the time of sale.

November 24, 2020

Loans Multifamily Oregon Retail Western

McBride Capital Secures $7.8M Bridge Refinancing for Mixed-Use Property in Portland

by Amy Works November 17, 2020

PORTLAND, ORE. — McBride Capital has secured $7.8 million in bridge debt for the refinancing of Kaya Camilla, a mixed-use property located in Portland’s Overlook neighborhood. The property features 36 residential units and 4,000 square feet of ground-floor retail space. The two-year loan refinanced the construction debt and provided additional loan proceeds for tenant improvements and leasing commissions. Danny Natsch of McBride Capital placed the loan on behalf of the undisclosed borrower with a national bridge lender.

November 17, 2020

Acquisitions Net Lease Oregon Retail Western

Stan Johnson Co. Arranges $5.7M Sale of Walgreens-Occupied Property in Keizer, Oregon

by Amy Works November 10, 2020

KEIZER, ORE. — Stan Johnston Co. has brokered the sale of a retail property located at 5000 River Road North in Keizer. A Los Angeles-based institutional buyer sold the asset to a Long Beach, Calif.-based private investor for $5.7 million. Originally constructed in 2008 on 1.6 acres, the property features 13,775 square feet of retail space. Walgreens occupies the building on a net lease including a 15-year base term with rent increases every five years. Pat Weibel and BJ Feller of Stan Johnson Co. represented the seller in the transaction.

November 10, 2020

Acquisitions Office Oregon Western

DRA Advisors, Prescott Partners Buy Nimbus Corporate Center Office Park Near Portland for $130M

by Amy Works October 21, 2020

BEAVERTON, ORE. — A partnership between a fund controlled by DRA Advisors and Prescott Partners has purchased Nimbus Corporate Center, a flex office park in Beaverton, a suburb of Portland. Shorenstein sold the asset for $130 million. Situated on 47.5 acres at 8910-9775 SW Gemini Drive and 9203-9790 NW Nimbus Avenue, the 16-building property offers a total of 691,036 square feet of flex office space. Completed between 1984 and 1991, Nimbus Corporate Center is leased to various tenants in the manufacturing, technology, professional services, insurance and government sectors. Buzz Ellis, Michel Seifer, Logan Greer, Adam Taylor and Kaden Eichmeier of JLL Capital Markets represented the seller in the deal.

October 21, 2020

Industrial Leasing Activity Oregon Western

Hawthorne Hydroponics Leases 378,000 SF Industrial Facility at Blue Lake Corporate Park in Gresham, Oregon

by Amy Works October 20, 2020

GRESHAM, ORE. — Hawthorne Hydroponics has signed a long-term lease to occupy a newly constructed 378,000-square-foot industrial building at Blue Lake Corporate Park in Gresham. A supplier of horticulture, organics, hydroponics and lighting supplies, the tenant is expanding its operations within the region and will retain a presence in Vancouver, Washington. The building is part of Airport Way’s newest industrial development, which consists of two buildings totaling 463,500 square feet on a 41-acre site. Built on a speculative basis, the project was substantially completed in May. Hawthorne Hydroponics leased all of Building B and will serve as the project’s anchor tenant. Brad Carnese, Aaron Watt and Keegan Clay of Cushman & Wakefield’s Portland office represented the owner, while Stuart Skaug of CBRE Portland represented the tenant in the lease negotiations.

October 20, 2020

Acquisitions Industrial Oregon Self-Storage Western

Trojan Purchases Hawthorne Mini Storage in Salem, Oregon for $8.3M

by Amy Works October 19, 2020

SALEM, ORE. — Los Angeles-based Trojan Storage has acquired Hawthorne Mini Storage in Salem from a private investor for $8.3 million. Nick Walker, Trevor Roberts and Morgan Windbiel of CBRE represented the seller in the deal. Located at 1241 Hawthorne Ave. NE, the 99,435-square-foot property offers 654 self-storage units ranging in size from 25 square feet to 750 square feet. Additionally, the facility features covered RV and boat parking. The property consists of 14 single-story and two-story buildings and features a gated entrance with key-code access, 24-hour video surveillance cameras, climate-controlled units and an on-site manager.

October 19, 2020

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