PORTLAND, ORE. — National Health Investors Inc. (NYSE: NHI) has acquired a 102-unit assisted living and memory care community in Portland for $26.2 million. The seller was Prestige Senior Living, which will continue to operate the property. The name of the community was not disclosed. The facility was added to the existing Prestige master lease with NHI that includes three skilled nursing facilities and one assisted living facility. The lease has a remaining term of 12 years. NHI funded the acquisition using its revolving credit facility. Based in Tennessee, NHI is a publicly traded REIT focused on sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
PORTLAND, ORE. — Moovel has relocated its North American headquarters from downtown Portland to the Historic Overland Building in Old Town. The mobility solutions provider has leased 17,176 square feet within the building, located at 213 N.W. 4th Ave. The property was originally built as a warehouse in 1889. CBRE’s Ajay Malhotra and Kristin Hammond represented Moovel. The landlord is Urban Development Partners.
PORTLAND, ORE. — LPC Realty Advisors has received a $98.5 million acquisition loan for the 30-story Pacwest Center in Portland. The 525,000-square-foot office tower is located at 1211 SW 5th Ave. LPC intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities. PacWest Center is 76 percent leased to tenants like Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co. HFF’s Tom Wilson and Erica Christensen arranged the five-year, fixed-rate acquisition loan. A national insurance company provided the capital. LPC worked on behalf of a pension fund client. HFF also handled the property’s $170 million sale on behalf of the sellers, Ashforth Co. and an institutional investor.
SALEM, ORE. — CBRE has arranged $72.5 million in financing for the acquisition of The Bonaventure Portfolio, five independent living and assisted living communities throughout the states of Washington and Oregon. NorthStar Healthcare Income, a non-traded REIT, acquired the portfolio, which totals 453 units. Based in Salem, Ore., Bonaventure is a family of companies that develops and operates seniors housing properties in the West. The company operates 24 properties in three states. Aron Will and Matthew Whitlock, both of CBRE National Senior Housing, arranged the 10-year, fixed-rate loan with 24 months interest-only payments through its Fannie Mae DUS Multifamily loan origination program.
TUALATIN, ORE. — NAI Elliott has arranged the $16.3 million sale of Martinazzi Square, a 51,060-square-foot shopping center located in Tualatin. Joe Sandahl of NAI represented the seller, Martinazzi Square LLC, in the disposition of the property to CH Retail/Acquisitions LLC. The property is home to tenants including Starbucks Coffee, Nothing Bundt Cakes and H&R Block.
PORTLAND, ORE. — Rosendin Electric has leased 91,650 square feet of office space at Majestic Brookwood Business Park in the Portland submarket of Hillsboro. The park is located at 23677 N.W. Huffman St. The space will serve as Rosendin’s division headquarters. Majestic Brookwood Business Park is a master-planned, 73-acre commercial development that will include up to 1 million square feet of industrial, retail and office space. CBRE’s Scott Weigel represented Rosendin. Colliers’ Mike Thomas and Mark McClung represented the landlord, Majestic Realty Co., in this transaction.
TUALATIN, ORE. — Superwinch has leased 38,812 square feet of factory space at Koch Corporate Center in Tualatin. The industrial park is situated at SW 115th Avenue and Tualatin-Sherwood Road. The designer, manufacturer and marketer of winch systems and accessories is building a design and manufacturing facility to complement existing facilities in Connecticut and the United Kingdom. The new facility will become Superwinch’s corporate headquarters. It will include both assembly and distribution of new product abilities. The new facility is scheduled for completion this April, with Superwinch taking occupancy the following month. CBRE’s Cara Nolan represented Superwinch. The landlord is PacTrust.
PORTLAND, ORE. — Portland Housing Bureau has acquired The Ellington, a 263-unit apartment community in Portland, for $47 million. The community is located at 1610 N.E. 66th Ave. The property is adjacent to the Rose City Golf Course. The sellers were Guardian Real Estate Services and partner Broadreach Capital Partners. HFF’s Ira Virden and director Carrie Kahn executed the sale.
PORTLAND, ORE. — Land and Houses has acquired the 284-unit Yard Apartment Tower in Portland for $126.7 million. The community is located at 22 N.E. 2nd Ave. in a former industrial neighborhood on Portland’s east side. The 21-story tower is part of the Portland Development Commission’s Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. Yard was completed in 2016. It was sold pre-stabilization at 50 percent occupancy. Land and Houses is a subsidiary of a Bangkok-based investment firm. This is its first investment in Portland. Philip Saglimbeni and Elizabeth Davis of Institutional Property Advisors represented the buyer. Davis also represented the seller, Block 67 LLC, with assistance from Pete Shelton and Kim Grant.
PORTLAND, ORE. — A Santa Clara, Calif.-based private investment group has purchased the 58-unit Muse apartment complex in Portland for $20.1 million. The community is located at 1313 N.W. 19th Ave. The Muse was built in late 2016. Jordan Carter, Clay Newton, Tyler Linn and Joe DeJager of Kidder Mathews executed the sale. The seller was Gerding Edlen.