Oregon

Fore Property Sells 260-Unit Rivage Apartment Community in Portland, Oregon

by Amy Works September 13, 2019

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.

September 13, 2019

Acquisitions Multifamily Oregon Western

Greystar Sells 264-Unit Avana Orenco Station Apartments in Hillsboro, Oregon

by Amy Works August 29, 2019

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.

August 29, 2019

Acquisitions Net Lease Oregon Restaurant Retail Western

Marcus & Millichap Brokers $1.2M Sale of Restaurant Building in Portland

by Amy Works August 26, 2019

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.

August 26, 2019

Acquisitions Office Oregon Western

Norris & Stevens Arranges $2.6M Sale of 12,000 SF Office Asset in Oregon

by Amy Works August 9, 2019

HILLSBORO, ORE. — Norris & Stevens Inc. has brokered the acquisition of an office building, located at 5625 NE Elam Young Parkway in Hillsboro. Pioneer Utility Resources, formerly known as Ruralite Services Corp., purchased the building for $2.6 million. The buyer plans to move its corporate offices into the building vacancy. The remainder of the building is occupied by medical and professional tenants. Tim Budelman of Norris & Stevens represented the buyer in the transaction.

August 9, 2019

Acquisitions Mixed-Use Multifamily Oregon Retail Western

Holland Partner, Pacific Life Buy Tupelo Alley Mixed-Use Property in Portland for $58M

by Amy Works August 2, 2019

PORTLAND, ORE. — A joint venture between Holland Partner Group and Pacific Life Insurance Co. has acquired Tupelo Alley, a mixed-use community located in Portland’s North Mississippi Avenue neighborhood. Institutional investors advised by J.P. Morgan Asset Management sold the property for $58 million. Situated on 1.4 acres at 3850 N. Mississippi Ave., the three-building Tupelo Alley features 188 apartments in a mix of studio, one- and three-bedroom layouts, averaging 770 square feet, and 10,000 square feet of ground-floor retail space. On-site amenities include indoor and outdoor gathering spaces for residents. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller, while Charles Halladay, Rick Salinas and Charlie Watson, also of JLL Capital Markets, represented the buyer in the transaction. Additionally, JLL arranged $37.7 million in acquisition financing for the buyer.

August 2, 2019

Acquisitions Office Oregon Western

Colliers Arranges $47.5M Acquisition of Creative Office Asset in Portland’s CBD

by Amy Works August 2, 2019

PORTLAND, ORE. — Colliers International has arranged the purchase of 6Y, a 11-story creative office building located at 811 SW Sixth Ave. in Portland’s Central Business District (CBD). Deka Immobilien acquired the asset from a joint venture between KBS and True North Management Group for $47.5 million. The transaction marks Frankfurt, Germany-based Deka’s third U.S. purchase in the last nine months and its entry into the Oregon market. Overlooking Pioneer Square, the 116,224-square-foot property was repositioned to include upgraded creative office suites, a tenant lounge and a contemporary lobby. Robert Stamm and Andres Roldan of Colliers’ Investment Advisory Group, in coordination with Chris Johnson of Colliers’ Portland office, represented the buyer, while Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.

August 2, 2019

Development Loans Multifamily Oregon Western

Pacific Oak Capital Funds $33M Development of Wood Village Apartments in Metro Portland

by Amy Works July 29, 2019

WOOD VILLAGE, ORE. — Pacific Oak Capital is funding the $33 million development of Wood Village Apartments, a multifamily and retail property located in an Opportunity Zone in Wood Village, a suburb of Portland. The property will feature 172 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 361 square feet to 1,325 square feet, spread across seven three- and four-story buildings. The asset will also include a more than 10,000-square-foot, two-building neighborhood retail center, a community clubhouse and pool. Construction is slated to begin later this year, with completion scheduled for summer 2021.

July 29, 2019

Industrial Market Reports Oregon Western Western Market Reports

Talent, Manufacturing Bolster Portland’s Industrial Market

by Taylor Williams July 27, 2019

Strong economic growth on the West Coast from the booming tech industry has benefited Portland’s economy. As a result, considerable employment and population growth, particularly from the Millennial generation, has elevated the industrial market significantly in recent years. According to CBRE, demographic growth and the national shift to online consumption have contributed to a steadily decreasing industrial vacancy rate since 2010, which reached 3.3 percent in early 2019. Demand for industrial space began to pick up speed about five years ago and has since boosted asking rents 45 percent. Build-to-suit construction projects were a growing trend in 2018, delivering more than 2.9 million square feet for existing tenants, the largest developments being the Troutdale Reynolds and Rivergate. To date, 2019 construction has been exclusively speculative with half a million square feet delivered thus far and 41 percent preleased. An additional 1.4 million square feet is under construction and expected to deliver by year-end 2020, none of which is pre-committed. At the same time, demand for industrial space of 100,000 square feet or greater accounts for 20 percent of users in the market. The speculative construction projects delivering during the next 18 months should provide some supply options for users of …

July 27, 2019

Market Reports Office Oregon Western Western Market Reports

Office Expansion Continues in Portland for 10th Consecutive Year

by Taylor Williams July 26, 2019

Consistent investment trends, a steady demand for tenants, stable in-migration and several new additions to the skyline have provided Portland with a strong first half of 2019. With more than 100,000 square feet of positive net absorption this year, the Portland office market shook off any lingering negative sentiment from 2018 and started the year strong. Portland has built a reputation as a second outpost to cities like Seattle and the Bay Area. Companies tend to initially set up small offices before quickly realizing Portland is a viable alternative to other larger hubs. In-migration remains strong but the major growth the market has experienced recently has been from homegrown companies ramping up or expanding their operations. We’re continuing to see office rents grow at almost 12 percent year over year. Portland office rents average $32.12 per square foot, making them nearly 60 percent cheaper than San Francisco and 25 percent cheaper than Seattle. The city is also well situated to attract companies that are being priced out of primary markets but still need to be geographically close. When you layer on our cost of living and high quality of life, Portland becomes even more attractive, which also contributes to its …

July 26, 2019

Development Multifamily Oregon Western

Wood Partners Breaks Ground on 318-Unit Alta Civic Station Near Portland

by Amy Works July 25, 2019

GRESHAM, ORE. — Wood Partners has broken ground for Alta Civic Station, a multifamily property located at 1699 NW Civic Drive in Gresham, an eastern suburb of Portland. Slated to open spring 2021, Alta Civic Station will feature 318 market-rate units in a mix of studio, one-, two- and three-bedroom layouts, as well as live-work townhome-style units. Community amenities will include a community room with kitchen and social areas, fitness center, co-working, meeting space and ground-floor retail. Additionally, the project includes a half-acre public plaza adjacent to the Civic Drive MAX Light Rail station. The public plaza will feature outdoor gathering spaces and a children’s play area.

July 25, 2019

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