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.
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.
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 …
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.
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.
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.
SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.
BEND, ORE. — Security Properties, in partnership with a university endowment, has purchased Outlook at Pilot Butte, a Class A apartment community in Bend. An undisclosed seller sold the asset for $52 million. Located at 2001 NE Linnea Drive, Outlook at Pilot Butte features 205 apartments in a mix of one- and two-bedroom layouts with well-appointed kitchens, air conditioning, walk-in closets, in-unit full-size washers and dryers, and private patios or balconies. Community amenities include a clubhouse, resident lounge, fitness center, game room, bicycle storage facility, and outdoor fireplace and fire pit lounge. The buyer plans to implement light interior and exterior renovations, including cosmetic upgrades to unit interiors and enhancing the existing amenity spaces. Security Properties Residential, an affiliate of Security Properties, will manage the asset.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of The Garthwick, a 30,507-square-foot multifamily building located in Southeast Portland. Yellow Submarine sold the asset to Garthwick – SPE 1 and Garthwick – SPE 2 for $8.6 million, or $359,583 per unit. Located at 8705 SE 13th Ave., The Garthwick features 24 units in a mix of one- and two-bedroom apartments and two- and three-bedroom townhouse-style units. The property was built in 2018. Cameron Mercer and David Chatfield of Portland-based Norris & Stevens represented the seller, while Clay Newton and Jordan Carter of Kidder Mathews represented the buyer in the transaction.
PORTLAND, ORE. — Norris & Stevens has negotiated the sale of an industrial and office property located at 1700 S.E. 11th Ave. in Portland. An undisclosed buyer acquired the asset from Paul R. Pierce and Joanne Fuller for $5.3 million. The asset features a two-story, 19,667-square-foot building and a 10,000-square-foot surface parking lot providing 30 spaces. At the time of sale, the property was 100 percent occupied by three tenants, including Portland-based Cinco Design and Woodinville, Wash.-based Sierra Construction. As a condition of the sale, the seller leased back the remainder of the property as the third tenant. Raymond Duchek and Thomas McDowell of Portland-based Norris & Stevens represented the seller and buyer in the deal.
