Oregon

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

Acquisitions Industrial Oregon Western

Dermody Properties Buys 108,698 SF Distribution Building in Oregon

by Amy Works March 29, 2019

WILSONVILLE, ORE. — Dermody Properties has acquired Kinsman Logistics Center, a distribution facility located at 27150 S.W. Kinsman Road in Wilsonville. Situated on 8 acres, the 108,698-square-foot property features a 30-foot interior clear heights, EFSR sprinklers, 18 dock-high loading doors, two grade-level doors, generous truck courts and ample parking for automobiles and trailers. At the time of sale, the property was fully leased to Aosom LLC, an online retailer of home décor and other consumers products, which will continue to occupy the facility. Andy Kangas of CBRE brought the opportunity to Dermody Properties. The name of the seller and acquisition price were not disclosed.

March 29, 2019

Acquisitions Industrial Oregon Western

Compass Commercial Negotiates $2.3M Sale of Industrial Building in Central Oregon

by Amy Works March 28, 2019

REDMOND, ORE. — Compass Commercial Real Estate Services has negotiated the $2.3 million sale of an industrial building located in Redmond, approximately 20 miles northeast of Bend, Ore. Located at 2050 SW Deerhound Ave., the property features 13,602 square feet of industrial space. Bruce Churchill of Compass Commercial represented the undisclosed buyer and undisclosed seller in the deal.

March 28, 2019

Acquisitions Office Oregon Retail Western

Intercontinental Real Estate Buys 72,130 SF Office/Retail Building in Portland

by Amy Works March 19, 2019

PORTLAND, ORE. — Intercontinental Real Estate Corp., on behalf of its managed fund U.S. Real Estate Investment Fund, has acquired the 72,130-square-foot office and retail portion of the Heartline Condominium. The price was not disclosed. Located at 1241 NW Johnson St., Heartline is part of a master-planned, mixed-use residential and commercial development within Portland’s Pearl District. Completed in 2018, the property features 61,659 square feet of office space and 10,471 square feet of retail space. Vacasa, a company that manages vacation homes, occupies the entire office portion of the project in a long-term basis. Ground-floor retail tenants include Kure Juice Bar, Little Bean and QuickFish Poke Bar. Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller, Security Properties Development Co., in the deal.

March 19, 2019

Acquisitions Industrial Oregon Western

Compass Commercial Real Estate Brokers $2.3M Sale of Industrial Building in Oregon

by Amy Works March 15, 2019

REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of an industrial property in Redmond. Located at 2050 SW Deerhound Ave., the property features 13,602 square feet of industrial space. Bruce Churchill of Compass Commercial Real Estate Services represented the undisclosed buyer and seller in the deal.

March 15, 2019

Acquisitions Oregon Retail Western

SRS Negotiates $3.2M Sale of Grocery-Anchored Retail Property in Oregon

by Amy Works March 13, 2019

REEDSPORT, ORE. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a newly renovated retail property, located at 1300 U.S. 101 in the small, coastal city of Reedsport. An Oregon-based developer sold the property to an Oregon-based private family trust for $3.2 million. McKay’s Market and Dollar Tree each recently signed 10-year triple-net leases to occupy the 27,011-square-foot building. Patrick Luther, Matthew Mousavi and Ron Dowhaniuk of SRS Real Estate Partners represented the seller, while the buyer was self-represented.

March 13, 2019

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