Oregon

CBRE Negotiates $22.2M Sale of Airport Way Industrial Park in Portland

by Amy Works October 2, 2018

PORTLAND, ORE. — CBRE has brokered the sale of Airport Way Corporate Park, an industrial park located at 12021 NE Airport Way, 12067 and 12055 NE Glenn Widing in Portland. An undisclosed buyer acquired the property from Airport Way LLC for $22.2 million. Constructed between 1992 and 2008, the 140,693-square-foot property comprises three buildings featuring full sprinkler systems, dock-high and grade-level loading, abundant parking, above-standard parking and high visibility from Airport Way. At the time of sale, the park was 95 percent leased to 15 tenants. Cara Nolan of CBRE’s Portland office and Barbara Emmons of CBRE National Partners represented the seller in the deal.

October 2, 2018

Acquisitions Oregon Retail Western

Harsch Investment Properties Acquires Shopping Center in Oregon for $64.5M

by Amy Works September 24, 2018

GRESHAM, ORE. — Portland, Ore.-based Harsch Investment Properties has purchased Gresham Station Shopping Center in Gresham, a suburb of Portland, for $64.5 million. Situated on 26 acres, the property features 342,000 square feet of retail space. Tenants include Bed, Bath & Beyond, Cost Plus World Market, Old Navy, Best Buy, ULTA Beauty and 43 other retailers. Additionally, the property is located close to major freeways and Tri-Met Blue Line Max stops, as well as an adjacent Trimet Park and Ride service for neighborhood commuters. Nicolas Bicardo of Newmark Knight Frank’s San Francisco office represented the undisclosed seller in the transaction. Harsch Investments Properties currently operates 18 shopping centers.

September 24, 2018

Loans Multifamily Oregon Seniors Housing Western

KeyBank Secures $63.2M Acquisition Loan for Seniors Housing Property in Portland

by Amy Works September 24, 2018

PORTLAND, ORE. — KeyBank Real Estate Capital has arranged a $63.2 million Freddie Mac first mortgage loan for the acquisition of Courtyard at Mt. Tabor, a seniors housing community in Portland. The borrower and buyer is Strategic Student & Senior Housing Trust, a non-traded REIT sponsored by SmartStop Asset Management. Built between 1992 and 2009, the community is comprised of two three-story buildings on 7 acres of land. The property features 201 independent living units, 73 assisted living units and 12 memory care units. The borrower plans to expand the community to include an additional 23 memory care units. Charlie Shoop of KeyBank’s Commercial Mortgage Group secured the non-recourse, fixed-rate financing with a 10-year term, four-year interest-only period and 30-year amortization schedule.

September 24, 2018

Arizona Development Multifamily Oregon Student Housing Western

Gilbane Announces Two New Student Housing Developments in Arizona, Oregon

by Amy Works September 20, 2018

TEMPE, ARIZ., AND CORVALLIS, ORE. — Providence, R.I.-based Gilbane Development Co. has announced the launch of two new developments in Arizona and Oregon as part of five recently announced projects across the United States. The five properties total over 3,500 beds, with project costs valued at more than $400 million. In Tempe, Ariz., Gilbane is developing Alor, a three-building, purpose-built student housing and market-rate/workforce housing property. Situated 1,000 feet from Arizona State University’s Tempe campus, the property will feature 946 student beds and 64 units of market-rate/workforce apartments, as well as 12,000 square feet of retail space and a structured parking garage. On-site amenities will include a rooftop swimming pool; courtyard swimming pool; 25,000-square-foot rooftop amenity deck and sky lounge; 6,000-square-foot open-air fitness center with cardio, full weights and a fitness/yoga center; outdoor courtyards with fire pits and cabanas; spa; central clubhouse; 24-hour study lounges; game rooms; and a computer lab. Adjacent to the southeast corner of Oregon State University’s campus in Corvallis, Ore., Gilbane’s Sierra will feature 228 student housing units, a heated pool, clubhouse, fitness center, game room, group study rooms, structured parking, garage and three courtyards. Additionally, the property is located a few blocks from downtown Corvallis. …

September 20, 2018

Acquisitions California Colorado Multifamily Oregon Top Stories Washington Western

CapitaLand Acquires Multifamily Portfolio in Western U.S. for $835M

by Camren Skelton September 19, 2018

SINGAPORE — CapitaLand has acquired a multifamily portfolio located throughout the metropolitan areas of Seattle, Portland, Los Angeles and Denver for $835 million. The Singapore-based real estate company acquired the assets through its wholly owned international business unit, CapitaLand International. The 16-property, Class B portfolio includes 3,787 units, representing a price per unit of approximately $220,000. The acquisition will more than double CapitaLand’s investment in the U.S. to over $1.5 billion, as well as increase its presence in the market to more than 6,500 units. “The stable, reliable cash flows of these Class B multifamily properties make this suburban portfolio more attractive than the higher-priced urban core segment,” says Gerald Yong, CEO of CapitaLand International. “Situated in well-established, well-connected rental communities, this portfolio of low-rise and garden-style properties continue to be a strong draw for middle-income and skilled professionals working in surrounding employment hubs.” The portfolio includes five properties located in Seattle, three in Portland, three in the greater Los Angeles area and five in Denver. All of the properties in the portfolio were more than 90 percent occupied at the time of sale, with an average length of stay of two years. Community amenities across the portfolio include swimming …

September 19, 2018

Development Office Oregon Western

Joint Venture Completes $190M Cancer Research Building in Portland

by Amy Works September 12, 2018

PORTLAND, ORE. — The construction joint venture team of McCarthy Building Cos. and Andersen Construction, along with SRG Partnership and Oregon Health & Science University (OHSU), has completed the Knight Cancer Research Building on OHSU’s campus. The $190 million research and development conference center facility features 320,000 square feet of space, with science and data analysis offerings on each floor to maximize interaction and the potential of deeper innovation and idea sharing. The facility also features open-air balconies, communicating stairs, a rooftop terrace and a central collaboration kitchen.

September 12, 2018

Acquisitions Multifamily Oregon Western

Security Properties, Pacific Life Insurance Buy Multifamily Asset in Oregon for $85M

by Amy Works September 12, 2018

HILLSBORO, ORE. — Security Properties and Pacific Life Insurance Co. have acquired Tessera at Orenco Station, a multifamily property located at 6523 NE Cherry Drive in Hillsboro, a suburb of Portland. An undisclosed seller sold the asset for $85 million. Built in 2014, the property features 304 apartment units and is within walking distance of The Orenco Station Town Center, a retail center. The buyers plan to upgrade all eight of the property’s designated common area spaces and renovate the unit interiors with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a technology package. Security Properties Residential, an affiliate of Security Properties, will manage the property.

September 12, 2018

Acquisitions Multifamily Oregon Seniors Housing Western

Non-Traded REIT Acquires 286-Unit Seniors Housing Community in Portland for $92M

by Amy Works September 10, 2018

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing community in Portland, for $92 million. The property offers 286 units of independent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018. The buyer is a non-traded REIT sponsored by SmartStop Asset Management. Located on 7.1 acres in the Mt. Tabor submarket of Portland, the property was constructed in 1999 and renovated in 2009. The community was 94 percent occupied at the time of sale. Integral Senior Living, which has operated the asset since 2011, will stay on as manager under the new ownership. SSSHT now owns a portfolio of four seniors housing communities and two student housing communities acquired for an aggregate price of approximately $275 million.

September 10, 2018

Acquisitions Multifamily Oregon Seniors Housing Washington Western

JCH Negotiates $16.5M Sale of 152-Unit Seniors Housing Portfolio in Pacific Northwest

by Amy Works August 20, 2018

WASHINGTON AND OREGON — JCH Senior Housing Investment Brokerage has arranged the sale of four assisted living and memory care communities in Washington and Oregon. The existing operator matched the top offer of $16.5 million for the properties and will now take over ownership from the industry veterans selling the communities. The portfolio totals 152 units. The specific names and locations of the assets were not disclosed. Jim Hazzard and Nick Stahler were the lead advisors on the transaction.

August 20, 2018

Acquisitions Multifamily Oregon Western

Waterton Sells 202-Unit Apartment Community in Portland for $66M

by Amy Works August 8, 2018

PORTLAND, ORE. — Waterton has completed the sale of Axcess 15, an apartment property located at 1500 NE 15th Ave. in the Lloyd District of Portland. MG Properties Group acquired the property for $66 million. Ira Virden and Carrie Kahn of HFF represented the seller in the deal. Charles Halladay, Scott Gilson and Rick Salinas, also of HFF, arranged financing through Freddie Mac’s CME Program for the buyer. The four- and five-story property features 202 units in a mix of one- and two-bedroom layouts, averaging 851 square feet, with open layouts, breakfast bars, in-unit washers and dryers, and balconies or patios. Additionally, the community features 18,000 square feet of ground-floor retail space. On-site amenities include a 24-hour fitness center, business center, resident lounge, landscaped courtyards and controlled access parking.

August 8, 2018

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