PORTLAND, ORE. — The Society of Industrial and Office Realtors (SIOR)’s Fall World Conference is set to take place Oct. 16 to 19 at the Hilton Portland in Portland. Starting in the afternoon on Oct. 16, attendees will be able to sit in on a wide variety of panels and discussions, including Industrial Occupiers: A View from the Inside; Smart Building Platforms; Global Cities – Challenges & Opportunities: Impact on Real Estate; Underwriting & Due Diligence of Investment CRE Deals; and Augmented Reality (AR): Real Estate’s New Reality. SIOR selected Portland for this year’s conference to highlight growth in the city’s commercial office and industrial sectors since 2018. According to CoStar’s Loopnet, office prices have risen by 9.2 percent and industrial has increased by 18.5 percent.
MILWAUKIE, ORE. — Marcus & Millichap has arranged the sale of Westwood Marketplace, a retail asset located in Milwaukie. A limited liability company sold the property to an undisclosed buyer for $4.1 million. Located at 14880 SE Webster Road, Westwood Marketplace features 14,189 square feet of retail space. Safeway anchors the property, which was 100 percent leased to long-term tenants at the time of sale. Joseph Blatner and Scott Logan of Marcus & Millichap’s Portland, Ore., office represented the seller in the transaction.
The retail market in Portland remains competitive. Vacancy rates are staying low at 3.1 percent, compared to about 5.5 percent just five years ago, leading to healthy competition among tenants for space. Retailers and brands are thriving across the board in this market. We’re seeing food halls, outdoor apparel, athletic brands, brew pubs, schools, banks, value brands, homegrown food concepts and many franchise concepts entering or expanding. Competitive socializing and esport lounges are growing in popularity across the country, taking up about 32 percent of the leisure tenant market. Competitive socializing concepts like Voicebox and Punchbowl Social are quickly becoming some of the most popular leisure tenants in the Portland area. Live Nation has recently signed a lease for a new entertainment venue at Lloyd Center, which will soon offer more small-venue live entertainment options. Brands like Pendleton, Nike, Columbia Sports, Apple, Nordstrom, H&M and Zara have flagship stores in the downtown core. Patagonia, Anthropologie and a local favorite, the Mercantile, have all expanded their footprints taking prime real estate in the Portland CBD/West End. The desire for wellness and a balanced lifestyle has led to a boom in demand for retail space. Wellness tenants like medical clinics, dental offices …
CLACKAMAS, ORE. — McMillin LLC has purchased Courtyard by Marriott Portland Southeast/Clackamas, a hotel located at 9300 SE Sunnybrook Blvd. in Clackamas, 12 miles southeast of Portland. An institutional seller sold the property for an undisclosed sum. Renovated in 2016, the four-story hotel features 136 guest rooms and suites, three meeting rooms, an on-site bistro, indoor swimming pool and whirlpool, fitness center, business center, 24-hour sundry shop and a boarding pass station. Scott Hall, Tim Wright, Casey Davidson, Nick Kassab, Aaron Lapping and Blake Malecha of JLL represented the seller in the deal.
PORTLAND, ORE. — Barings, a diversified real estate investment manager, has completed the sale of Riva on the Park, a multifamily property located in Portland’s South Waterfront neighborhood. Griffis Residential acquired the high-rise asset for $116.1 million, free and clear of existing financing. The 22-story property features 294 apartments, averaging 811 square feet, and more than 13,000 square feet of ground-floor retail space. Apartment amenities include granite countertops and plank-wood flooring in the kitchens; oversized, energy-efficient windows; full-sized washers/dryers; central heat and air conditioning; decks or patios; and city and river views. Community amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services. The transit-oriented Riva on the Park is located steps from Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The community is also adjacent to Oregon Health & Science University, which is undergoing a 1.1 million-square-foot expansion. Ira Virden and Carrie Kahn of JLL represented the seller in the transaction.
PORTLAND, ORE. — Ready Capital has provided a $13.8 million loan for the acquisition, repositioning and lease-up of a flex property located in Portland’s Central East Side submarket. The undisclosed sponsor plans to use loan proceeds to convert the current industrial buildings into modern creative office spaces. The transformation will include connecting the building via a modernized tenant entry and common area, complemented by a new elevator system. Additionally, the repositioning will include rooftop access, improved common areas, updated exteriors and additional parking. Upon completion, the asset will offer approximately 57,000 square feet of office space. Ready Capital’s National Bridge Originations Team closed the non-recourse, interest-only, floating-rate loan. The financing features a 36-month term with two extension options and flexible prepayment, while including a facility to provide future funding for capital expenditures, tenant leasing costs and an interest reserve.
HILLSBORO, ORE. — KeyBank Real Estate Capital has secured $50 million in Fannie Mae financing for San Francisco-based Jackson Square Properties for the acquisition of The Grove at Orenco Station, a 264-unit multifamily property located 6710 NE Vinings Way in Hillsboro. Built in 1998 and renovated in 2014, the apartment complex comprises 12 three-story apartment buildings, a single-story clubhouse and a leasing office building. The property recently underwent a $3.2 million renovation that started in 2015 and was completed in 2018. Paul Angle of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing for the acquisition.
PORTLAND, ORE. — Fore Property has completed the disposition of Rivage, a multifamily property located at 2220 NW Front Ave. in Portland. Magnolia Capital acquired the asset for an undisclosed sum. Rivage features 260 units in a mix of studio, one- and two-bedroom layouts, with a rooftop deck overlooking the Willamette River. At the time of sale, the podium-style property was stabilized. Fore Property, with funds from Carlyle Realty Partners VII and financing from PNC Bank, developed the property in 2017.
HILLSBORO, ORE. — Greystar has completed the disposition of Avana Orenco Station, a 264-unit multifamily property located at 6710 NE Vinings Way in Hillsboro. Jackson Square Properties purchased the asset free and clear of existing financing for an undisclosed amount. The 12-building community features 156 one-bedroom, 100 two-bedroom and eight three-bedroom units, averaging 925 square feet. Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers/dryers. Community amenities include a swimming pool, spa, grilling areas, fire pit, gazebo, fitness center, community lounge, Wi-Fi, pool table, business center and dog park. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller.
PORTLAND, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 704 NW 21st Ave. in Portland. A limited liability company sold the asset to a private investor for $1.2 million in an off-market transaction. Bhuna, a fast-casual Indian restaurant, occupies the 1,878-square-foot property on a net-leased basis. Joseph Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the seller. Michael Shall, also of Marcus & Millichap, represented the buyer in the deal. Neither party was disclosed.