Oregon

McLellan Estate Co. Acquires 196,499 SF Industrial Complex in Oregon for $27.5M

by Nellie Day January 23, 2018

CLACKAMAS, ORE. — McLellan Estate Co. has purchased Clackamas Business Center, a 196,499-square-foot industrial center southeast of Portland in Clackamas for $27.5 million. The center is located at 14863 SW 82nd Ave. Clackamas Business Center was built in 1978. It was 99 percent leased at the time of sale. There are a total of 50 units in the park. Notable tenants include Mattress World, Marion Construction, Portland Fruit LLC, Harmony Kids LLC and Portland Cider Co. Scott Finney and Nicholas Chessar of Norris & Stevens represented both the buyer and seller, limited partnerships controlled by Warren Family Properties, in this transaction.

January 23, 2018

Office Oregon Western

Goldman Sachs, HP Investors Acquire Office Portfolio in Portland

by Nellie Day January 15, 2018

PORTLAND, ORE. — A joint venture between Goldman Sachs Asset Management Private Real Estate and HP Investors has acquired a two-property office portfolio in Portland for an undisclosed sum. The properties included in the transaction are Block 90 and 300 Building. The portfolio contains a total of 85,753 square feet. The assets are situated adjacent to one another. They comprise an entire block in the Pearl District and are listed on the National Historic Register. The JV plans to maintain the boutique creative office space that caters to demand from a wide range of tenants in the marketplace looking for authentic, repurposed office space.

January 15, 2018

Multifamily Oregon Western

Sentre Acquires 123-Unit Apartment Complex in Portland for $25.5M

by Nellie Day January 3, 2018

PORTLAND, ORE. — Sentre has purchased The Thornton, a 123-unit apartment complex in Portland, for $25.5 million. The community is located at 1953 N.W. Overton St. in the Northwest District. The company will invest $1 million to renovate the common areas and unit interiors. The community will then be rebranded. The Thornton was originally built in 2016. Renovations are slated to begin in January 2018 and finish in fall 2018.

January 3, 2018

Multifamily Oregon Western

Security Properties, Cigna Investment Buy 348-Unit Apartment Complex Near Portland for $81M

by Nellie Day December 14, 2017

TIGARD, ORE. — A joint venture between Security Properties and Cigna Investment Management has purchased the 348-unit Arbor Heights apartment complex in Tigard for $81 million. The community is located at 15199 S.W. Royalty Parkway in the Beaverton submarket. The Class A asset was built in 1997. Units feature walk-in closets, full-size washers/dryers and private patios/balconies. The JV plans to carry out a renovation of the property. This will include upgrades to the current amenities, a dog park area and an outdoor kitchen adjacent to the pool. The JV will also add a package concierge, bike storage and outdoor living area.

December 14, 2017

Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges Four Refinancings Totaling $55.1M for Summit Healthcare REIT

by Nellie Day November 30, 2017

PORTLAND, ORE. — Lancaster Pollard has arranged $55.1 million in FHA Sec. 232/223(f) loans to refinance four Summit Healthcare REIT properties in Delaware and Oregon. The program provides for the acquisition and refinancing of healthcare properties including licensed skilled nursing facilities, assisted living, intermediate care facilities, board and care, and combinations thereof. The four properties refinanced were Atlantic Shores Rehabilitation & Health Center, a 181-bed skilled nursing facility in Millsboro, Del.; Pinnacle Rehabilitation & Health Center, a 151-bed skilled nursing facility in Smyrna, Del.; Applewood Retirement Community, a 69-unit independent living community in Salem, Ore.; and Gateway Care and Retirement Center, a 66-unit independent living, assisted living and skilled nursing community in Portland, Ore. Summit owns the four properties through joint ventures. Both Applewood and Gateway are part of the Sapphire Health Services Community network. Jason Dopoulos led the transactions for Lancaster Pollard.

November 30, 2017

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $66.4M Construction Financing for 216-Unit Seniors Housing Community Near Portland

by Nellie Day November 21, 2017

LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego. The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres. Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks. The Springs Living will operate the community once it is completed. A timeline was not released.

November 21, 2017

Multifamily Oregon Washington Western

Kennedy Wilson Buys Four Multifamily Properties in the Pacific Northwest

by Nellie Day November 16, 2017

SEATTLE — Kennedy Wilson (KW) has purchased four multifamily properties in the Pacific Northwest. The portfolio contains a total of 996 units. Prices were not disclosed. The transaction includes the 210-unit Latitude in Happy Valley, Ore., and the 264-unit Heatherwood in Gresham, Ore. It also includes two multifamily assets in the greater Seattle and Portland areas containing a total of 522 units. KW purchased the assets through a 1031 exchange. The firm recently sold the 615-unit Summer House in Alameda, Calif., for $231 million and Gardner House, a 75,600-square-foot office building in Dublin, Ireland, for $73 million. The sales are expected to generate a profit of $130 million for KW.

November 16, 2017

Office Oregon Top Stories Western

Starwood Capital Group Buys Wells Fargo Center in Portland

by Nellie Day November 15, 2017

PORTLAND, ORE. — Starwood Capital Group has purchased the 40-story Wells Fargo Center in downtown Portland. The transaction includes an adjacent five-story former data processing building. The price was not disclosed, though county tax records put the value of the tower at $163 million and the adjacent property at $33 million, according to The Oregonian. In June, Wells Fargo announced plans to sell the buildings and relocate some of the 900 employees working there to other local offices, added The Oregonian. The two structures total 725,000 square feet. The asset is located at 1300 SW 5th Ave. The Class A creative office space is the tallest building in Oregon. It offers views of Mt. Hood, the Willamette River, Mount St. Helens, downtown Portland and the West Hills. Starwood plans to reposition the property into a premier Class A asset. The lobbies and entries will undergo major renovations. The investment firm will also add new tenant amenities, including conference facilities, a tenant lounge, reimagined retail areas, fitness center and bike hub. “We are confident that our ambitious renovation plans will restore this building to its former status as one of the most iconic Class A office towers not just in Portland, …

November 15, 2017

Office Oregon Western

National Financial Realty Sells Wells Fargo Bank Office Building in Oregon for $39.7M

by Nellie Day November 10, 2017

HILLSBORO, ORE. — National Financial Realty (NFR) has sold the 211,863-square-foot Wells Fargo Bank office building in Hillsboro for $39.7 million. The building is located at 18700 N.W. Walker Road. The buyer was not named. The transaction represents the final sale and investment exit of a 3.6 million-square-foot portfolio that contained 41 office and retail buildings in nine states. NFR originally purchased the Hillsboro property in 2010. In March 2013, the firm acquired a 40-building, 3.3 million-square-foot portfolio with 90 percent of the buildings leased to Wells Fargo. NFR and its capital partners invested several million dollars in capital improvements throughout the portfolio.

November 10, 2017

Industrial Oregon Western

Meriwether Partners Acquires 329,474 SF Industrial Campus in Oregon for $26.5M

by Nellie Day November 7, 2017

TUALATIN, ORE. — An affiliate of Meriwether Partners has acquired a 329,474-square-foot industrial campus in Tualatin for $26.5 million. The three-building property is located at 19855-19866 S.W. 124th Ave. The asset is fully leased to Nortek Air Solutions. It serves as the company’s headquarters and manufacturing facility. Nortek utilizes the facility for a variety of services including sales, research, development, project management, engineering, fabrication, manufacturing, powder coating, assembly and shipping. The campus features 32,913 square feet of office space, 39 grade-level doors, 14 dock doors, heavy power, LED lighting, rail service and 291 surface parking spaces. Jim Lewis, Gary Griff and Aaron Watt of Cushman & Wakefield represented Norek. Stu Peterson and Rhys Conrad of Macadam Forbes represented the seller, Huntair Properties, in this transaction.

November 7, 2017

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