Oregon

ScanlanKemperBard Sells 378,300 SF Parkway Woods Business Park in Wilsonville, Oregon

by Amy Works May 12, 2020

WILSONVILLE, ORE. — ScanlanKemperBard (SKB) has completed the disposition of Parkway Woods Business Park, a suburban industrial/office campus situated on more than 70 acres at 26600 SW Parkway Ave. in Wilsonville. Reinsurance Group of America (RGA) acquired the property from Parkway Woods Business Center LLC, a joint venture between SKB and Oaktree Capital, for an undisclosed price. The 378,300-square-foot asset is currently a mixed-use business park featuring amenities such as on-site public transportation, a lounge, fitness facility, newly renovated lobby, on-site snack shop, rotating food trucks, disc golf course, basketball court and outdoor space. Nick Kucha, James Childress, Jeff Hodson, Kevin Shannon and James Ikeguchi of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal. SKB will stay as a partner in the investment to help execute the repositioning of the property. RGA and SKB plan to reposition the three-building property’s large floor plates to meet the needs and size requirements of a variety of light industrial, manufacturing and R&D tenants. The site also includes more than 4.5 acres of developable land that could accommodate 85,000 square feet of industrial space.

May 12, 2020

Development Loans Multifamily Oregon Western

JLL Arranges Construction Financing for Alamo Manhattan’s Block 40 Multifamily Project in Portland

by Amy Works April 28, 2020

PORTLAND, ORE. — JLL Capital Markets has secured construction financing on behalf of Alamo Manhattan for the development of Block 40, a multifamily property in Portland’s South Waterfront neighborhood. Situated on a 1.6-acre site at 3838 S.W. Macadam Ave., Block 40 will consist of a seven- and eight-story, podium-style building offering 232 apartments. Units will be a mix of studio, one- and two-bedroom layouts averaging 724 square feet. The property will also feature 6,500 square feet of ground-floor retail space and 174 parking spaces. Community amenities will include a rooftop terrace with firepit, seating areas and televisions; courtyard with water fountain, fire pit, grilling area and seating areas; fitness center with Technogym; and a dog wash and dog park. Completion is slated for late 2021. Matt Benson and Charlie Watson of JLL Capital Markets arranged the financing for the developer, Alamo Manhattan. The financing amount was not released.

April 28, 2020

Evergreen-Aviation-Space-Museum-McMinnville-OR

Acquisitions Civic Hospitality Oregon Retail Western

McMinnville Properties Acquires 285-Acre Entertainment Campus in Oregon’s Willamette Valley for $9.5M

by Amy Works April 21, 2020

MCMINNVILLE, ORE. — McMinnville Properties, which Bill Stoller of Stoller Wine Group owns, has purchased a 285-acre campus in McMinnville. The site houses Evergreen Aviation & Space Museum, Wings & Waves Waterpark, The Lodge event and wedding venue, 220 acres of established vineyards and farmland, and a development site designed to accommodate a 99,000-square-foot hotel. The campus is located at 500 NE Captain Michael King Smith Way, 23 miles southwest of Portland and 30 minutes north of Salem. Salt Lake City-based Falls Event Center sold the asset for $9.5 million. Adam Taylor and Buzz Ellis of JLL Capital Markets represented the seller in the deal. The five-parcel property was been a tourist attraction since the aviation portion of the museum, which was not included in the sale, opened in 1991. Currently, the campus features original aviation museum plus the 120,000-square-foot Evergreen Aviation & Space Museum, which was added in 2008; Wings & Waves Waterpark, an all-season, family-friendly park that opened in 2011; and The Lodge, a former chapel with a 150-person capacity and event space. The asset also includes established agricultural land featuring a mix of vines and feed grass that is harvested by a third party. Additionally, the campus …

April 21, 2020

Parkway-Woods-Business-Park-Wilsonville-OR

Acquisitions Industrial Loans Office Oregon Western

NKF Closes $36.1M Loan for Parkway Woods Business Park Acquisition in Oregon

by Amy Works April 17, 2020

WILSONVILLE, ORE. — Newmark Knight Frank (NKF), on behalf of ScanlanKemperBard (SKB), has secured $36.1 million in financing for the acquisition of Parkway Woods Business Park in Wilsonville. SKB acquired the property, which offers 390,233 rentable square feet of office, production and manufacturing space on an 88.3-acre, park-like setting. Ramsey Daya, Chris Moritz and Stephen Scarpulla of NKF’s Debt & Structured Finance team in San Francisco executed the financing through Bridge Investment Group for the borrower. At the time of sale, the asset was 79.5 percent leased by a variety of tenants, including Xerox, 3D Systems, Dealer Spike and Tualatin Valley Water District. Parkway Woods features efficient, single-story floor plans with modern building systems, abundant green space, extensive freeway visibility, amenities, above-market parking ratio, on-site public transportation, excess land and nearby food options.

April 17, 2020

Acquisitions Oregon Retail Western

Neville & Butler Commercial Negotiates Sale of 47,000 SF Former Toys R Us in Salem, Oregon

by Amy Works April 15, 2020

SALEM, ORE. — Neville & Butler Commercial Real Estate has brokered the sale of a retail building located in Salem. Raider Hill Advisors sold the asset for an undisclosed price. Located at 1200 Lancaster Drive NE, the former Toys R Us property features 47,000 square feet of retail space. Steven Neville and Natalie Butler of Neville & Butler Commercial Real Estate represented the seller in the deal. The name of the buyer was not released.

April 15, 2020

Acquisitions Net Lease Oregon Restaurant Retail Western

Marcus & Millichap Brokers $1.9M Sale of Restaurant Property in Eugene, Oregon

by Amy Works April 13, 2020

EUGENE, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 950 Seneca Road in Eugene. A limited liability company sold the net-leased asset to an undisclosed buyer for $1.9 million. Since the building delivery in 2003, Izzy’s Pizza has occupied the 6,000-square-foot property and has 10 years remaining on its lease. The Albany, Ore.-based franchise currently operates 10 locations throughout Oregon and Washington. Scott Logan of Marcus & Millichap’s Portland office represented the seller in the transaction.

April 13, 2020

Acquisitions Mixed-Use Office Oregon Western

NKF Facilitates Sale of Broadway Tower Office Component in Downtown Portland

by Amy Works April 9, 2020

PORTLAND, ORE. — Newmark Knight Frank (NKF) has directed the sale of the condominium interest of the Office Unit in Broadway Tower, a 19-story mixed-use tower located at 1455 SW Broadway in downtown Portland. Principal Real Estate Investors acquired the office portion from BDC/Broadway Office LLC for reportedly approximately $132.5 million, according to media outlets. Nick Kucha, James Childress and Jeff Hodson of NKF, in cooperation with Kevin Shannon and James Ikeguchi of NKF’s U.S. Capital Markets team, represented the seller in the transaction. The buyer was self-represented. The 430,000-square-foot property offers 175,000 square feet of Class A office space on floors nine through 19 and a 180-room Radisson RED hotel, which was not included in the sale, on the first eight floors. The Broadway Tower Office Unit is a LEED Gold-certified, high-rise office tower offering 11 floors of office space with exclusive decks on the top three floors and views of Portland. The office component features 17,000-square-foot floorplates with open designs and floor-to-ceiling window lines for multi- and single-tenant use. The asset also features an underground parking garage with a total of 247 parking spaces. At the time of sale, the office component of Broadway Tower was 99 percent …

April 9, 2020

Murray-Highland-Memory-Care-Beaverton-OR

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Arranges Sale of 18-Unit Murray Highland Memory Care in Oregon

by Amy Works April 6, 2020

BEAVERTON, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Murray Highland Memory Care in Beaverton, a suburb of Portland. The community features 18 memory care units totaling 24 beds. The 12,048-square-foot community was built in 2018 on a 0.7-acre plot. The average rent is $7,350 per month. The seller is a local owner exiting the seniors housing industry. The buyer is a regional operator with an existing portfolio in California, and looking to expand to Oregon. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.

April 6, 2020

Loans Multifamily Oregon Seniors Housing Western

Carnegie Capital Secures $7.4M Refinancing for Memory Care Community in Oregon

by Amy Works March 30, 2020

EUGENE, ORE. — Carnegie Capital has arranged a $7.4 million refinancing for a 60-unit memory care community in Eugene. The cash-out refinancing represents a 75 percent loan-to-value ratio, and bears an interest rate of 5.55 percent for three years. Residents at the community are approximately half private pay and half Medicaid. The borrower is a regional owner-operator. The lenders are a national bank and a private lender.

March 30, 2020

Acquisitions Loans Office Oregon Western

JLL Secures $37.3M in Acquisition Financing for Fremont Place Office Campus in Portland

by Amy Works March 24, 2020

PORTLAND, ORE. — JLL Capital Markets has secured $37.3 million in acquisition financing for Fremont Place I and II, a two-building office campus in Portland’s Pearl District. The borrower is a Rialto Capital Management fund along with one of the company’s subsidiaries, Rialto Capital. Loan proceeds will be used to acquire and transform the urban, waterfront property through series of interior and exterior renovations. Located at 1650 and 1750 Naito Parkway, Fremont I and II offer 123,600 square feet of office space spread across a two-story building and a three-story building. Originally built in 1987, the asset was recently renovated and renovations, including an outdoor amenity space, are scheduled for the near future. At the time of sale, the property was 62 percent leased to a variety of tenants in the telecommunications, engineering and healthcare industries, among others. Casey Davidson and Zachary Kersten of JLL Capital Markets arranged the five-year, floating-rate acquisition bridge loan through a debt fund.

March 24, 2020

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