Oregon

PCCP Purchases 296,000 SF Park Square Office Complex in Downtown Portland for $96.5M

by Amy Works June 5, 2019

PORTLAND, ORE. — PCCP has acquired Park Square, a two-building office asset on the south end of the Portland’s central business district, for $96.5 million. The name of the seller was not released. Park Square consists of two buildings connected by a lobby/great room, which includes multiple seating areas, a fireplace/lounge area and a high-end soup and salad bar. The asset was substantially repositioned in 2016, including the renovation of its 8,000-square-foot lobby. The first building is the single-tenant, six-story, 181,049-square-foot Woolworth Building, located at 1621 SW First Ave. The building was originally a build-to-suit for the tenant, which has occupied the space since the building was constructed in 1984. The second building, located at 100 SW Market St., was built in 1964. The seven-story asset totals 113,719 square feet and is leased to three investment-grade credit tenants. At the time of sale, the property was nearly fully-leased.

June 5, 2019

Acquisitions Industrial Oregon Western

Rockridge Investments Purchases Four-Building Industrial Asset in Oregon for $2.9M

by Amy Works May 28, 2019

BEND, ORE. — Rockridge Investments LLC has purchased an industrial property located in Bend from an undisclosed seller for $2.9 million. Situated on five acres at 687 S.E. Glenwood Drive, the asset consists of four industrial buildings, totaling 26,746 square feet and encompassing seven tax lots. At the time of purchase, multiple long-term tenants occupied the property. Ron Ross and Terry O’Neil of Compass Commercial represented the buyer in the transaction.

May 28, 2019

Acquisitions Healthcare Office Oregon Western

HFF Directs $14.5M Sale of Medical Office Building in Metro Portland

by Amy Works May 24, 2019

TIGARD, ORE. — HFF has arranged the sale of Tigard Medical Plaza, a medical office building located in Tigard, approximately 10 miles south of downtown Portland. An undisclosed seller sold the property to a private investor for $14.5 million in all-cash, 1031 exchange transaction. Completed in 2005, Tigard Medical Plaza is a 20,994-square-foot outpatient medical office building and ambulatory surgery center. Situated on 1.7 acres, the property was fully leased at the time of sale. Evan Kovac, Andrew Milne, Trent Jemmett, Maria Poyer and Logan Greer of HFF represented the seller in the deal. Casey Davidson and John Chun, also with HFF, provided debt advisory services on the transaction.

May 24, 2019

Acquisitions Multifamily Oregon Western

Norris & Stevens Brokers Sale of 44-Unit Springhaven Apartments in Oregon for $6.7M

by Amy Works May 23, 2019

WOODBURN, ORE. — Portland-based Norris & Stevens has arranged the sale of Springhaven Apartments, a duplex and townhome project in Woodburn. An investment group led by Portland-based Russell Hosner LLC acquired the asset for $6.7 million as part of a 1031 tax-deferred exchange. The sellers were The James A. Halter Revocable Living Trust and David L. & Gaylene M. Lund. Located at 1108-1196 Park Circle and 1625-1667 Park Ave., the property consists of 19 buildings on 45 separate tax lots offering a total of 44 duplex and townhome rental units, all with attached garages. At the time of sale, the property was 95 percent occupied. The complex was completed in phases from 1983 to 1992. David Chatfield of Norris & Stevens represented both parties in the transaction.

May 23, 2019

Acquisitions Hospitality Oregon Western

Compass Commercial Negotiates $4.2M Sale of Jot’s Resort Hotel in Gold Beach, Oregon

by Amy Works May 22, 2019

GOLD BEACH, ORE. — Compass Commercial Real Estate Services has arranged the $4.2 million sale of Jot’s Resort, a hotel located at 94360 Wedderburn Loop in Gold Beach. The names of the seller and buyer were not released. Situated on 7.3 acres at the mouth of the Rogue River, the resort features 102 one-bedroom/one-bath guestrooms, a marina, pool, gift and tackle shop, and fitness center, as well as Rod ‘n Reel Restaurant & Bar, a fully equipped restaurant. Dan Kemp of Compass Commercial represented the seller, while Paul Grout of Signature Realty co-brokered the deal.

May 22, 2019

Acquisitions Multifamily Oregon Western

Pathfinder Partners Sells Sienna Lofts Apartment Community in Portland for $14M

by Amy Works May 20, 2019

PORTLAND, ORE. — San Diego-based Pathfinder Partners has completed the disposition of Sienna Lofts, a multifamily property located in Portland’s Gresham neighborhood. San Diego-based Street Properties LLC and Street Properties Inc. acquired the asset for $14 million. Located at 22744 S.E. Stark St., Sienna Lofts features eight studio units, 63 one-bedroom units and four two-bedroom units, with an average unit size of 747 square feet. The apartments feature stainless steel appliances, modern-style laminate countertops, glass mosaic backsplash, upgraded plumbing and electrical fixtures, in-unit washers/dryers and new flooring. The property was built in 2004 as a for-sale condominium community. However, since Pathfinder’s acquisition in 2016, the property has been operated as a rental community.

May 20, 2019

Development Industrial Oregon Western

Columbia Distributing to Develop 530,000 SF Warehouse in Metro Portland

by Amy Works May 6, 2019

CANBY, ORE. — Columbia Distributing, along with joint venture partners Meritage and Trammell Crow Co., plans to develop a new warehouse at the intersection of Southeast First Avenue and South Walnut in Canby. The 530,000-square-foot facility will consolidate the beverage distributor’s three current locations on Portland’s Swan Island, Northwest Yeon Avenues and Northwest Guam Street. Situated on 43 acres, the property is slated for completion in fall 2020. Tualatin, Ore.-based Perlo Construction is serving as general contractor and Portland-based VLMK Engineering + Design is providing project design and permitting services. Allen Patterson of Capacity Commercial Group and Terry Tolls of T.N. Tolls Co. represented the Trammell Crow and the sellers in the land sale.

May 6, 2019

Acquisitions Mixed-Use Office Oregon Retail Top Stories Western

Goldman Sachs, Lincoln Property Acquire 287,216 SF Field Office Mixed-Use Project in Portland for $118M

by Amy Works May 3, 2019

PORTLAND, ORE. — A joint venture between the Merchant Banking Division of Goldman Sachs and Lincoln Property Co. has purchased Field Office, a Class A mixed-use project along River Promenade in Portland’s Pearl District. A venture between National Real Estate Advisors and Project^, which developed the property, sold the asset for $118 million. Completed last year, Field Office features a total of 287,216 square feet of office and retail space. The property includes flexible floor plans, on-site daycare facility, courtyard area with seating and fire pits, fitness center, commuter lounge for cyclists, solar power arrays, below-grade parking, and executive rooftops with city and river views. The two-building asset is located on 2.3 acres at 1895 and 2035 NW Front Ave. The site is adjacent to Interstate 405 and directly across the street from 648 new multifamily units, in addition to more than 600 proposed within the submarket. Located just north of downtown Portland, the formerly industrial Pearl District is now a hotbed of development for retail, restaurants, art galleries, breweries, adaptive reuse projects, multifamily and office. Field Office is also located within an Enterprise Zone, according to the developers, making tax abatements available for tenants that meet certain requirements, such …

May 3, 2019

Acquisitions Multifamily Oregon Western

Marcus & Millichap Negotiates $1.7M Sale of Stayton Apartments in Oregon

by Amy Works April 30, 2019

STAYTON, ORE. — Marcus & Millichap has arranged the sale of Stayton Apartments, an apartment property located at 1340 W. Locus St. in Stayton. An Oregon-based buyer acquired the property for $1.7 million in an exchange. Built in 1998, the property features 16 two-bedroom/one-bathroom flats. Danalee Corso and Whitney Rhoades of Marcus & Millichap’s Portland, Ore., office represented the seller, a limited liability company, in the deal.

April 30, 2019

Acquisitions Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $61M Acquisition Financing for Portland-Area Seniors Housing Portfolio

by Amy Works April 11, 2019

LAKE OSWEGO AND WILSONVILLE, ORE. — CBRE has arranged $61 million in financing for the acquisition of The Springs at Carman Oaks in Lake Oswego and The Springs Wilsonville in Wilsonville, both seniors housing communities in the greater Portland area. The borrower was The Springs Living, which sought to buy out its partner on the properties and become sole owner. Springs initially purchased the communities in 2012 with an institutional equity partner, and subsequently repositioned the assets. Springs will remain as operator following the transaction. The portfolio features a total of 145 independent living units, 82 assisted living units and 41 memory care units. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the four-year, floating-rate loan with 30 months of interest-only payments. A national bank provided the capital.

April 11, 2019

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