Oregon

Zeller Realty Group Buys Umpqua Bank Plaza in Downtown Portland for $90M

by Nellie Day January 24, 2017

PORTLAND, ORE. — Zeller Realty Group has purchased the 298,176-square-foot Umpqua Bank Plaza in Downtown Portland. The building sold for $90 million, according to Portland Business Journal. The Class A office tower is situated on the western shore of the Willamette River. The property was originally developed in 1974 but underwent renovations in 2015. The space was 97 percent leased at the time of sale. Lana Baldock, Dan Swift and Havilah Coady of Cushman & Wakefield will handle leasing at the property.

January 24, 2017

Multifamily Oregon Student Housing Western

EdR Acquires 1,016-Bed Student Housing Community Near Oregon State University

by Nellie Day January 16, 2017

CORVALLIS, ORE. — EdR has acquired The Retreat at Corvallis, a 1,016-bed community located near the Oregon State University campus in Corvallis. Built in 2015, the property offers a mix of one-, two-, three-, four- and five-bedroom units in both traditional apartment configurations and cottages. Community amenities include a clubhouse, resort-style pool, cardio room, weight room, yoga studio, bike storage, complimentary coffee bar, indoor golf simulator, game room, computer lab, tanning and green space. The community is 95 percent occupied for the current school year.

January 16, 2017

Office Oregon Western

Second City Buys Office Building in Portland for $14.5M

by Nellie Day January 13, 2017

PORTLAND, ORE. — Second City Real Estate has acquired a 72,572-square-foot office building in Portland’s Lloyd District for $14.5 million. The building, known as 1500 Plaza, is located at 1500 N.E. Irving St. It was built in 1964 and designed by Skidmore, Owings and Merrill. The property is currently 95 percent leased. More than one quarter of the space has already been converted into modern, creative workspace. JLL’s Paige Morgan and Buzz Ellis executed the sale. The seller was Swift Real Estate Partners.

January 13, 2017

Office Oregon Western

ARA, Unico Acquire Congress Center Office Tower in Portland

by Nellie Day January 11, 2017

PORTLAND, ORE. — A joint venture between American Realty Advisors (ARA) and Unico Properties LLC has purchased the 23-story Congress Center in Portland for an undisclosed sum. The office tower is located at 1001 S.W. 5th Ave. Congress Center was built in 1980. The JV plans to upgrade the lobby, fitness center and bike parking. It will also add amenities like an outdoor deck to encourage creativity and collaboration among tenants. HFF’s Nick Kucha and Michael Leggett represented the seller. The firm’s Tom Wilson and Erica Christensen assisted the JV in securing a floating-rate acquisition loan through RBC Capital Markets.

January 11, 2017

Office Oregon Top Stories Western

Ashforth Co. Sells Pacwest Center Office Tower in Portland for $170M

by John Nelson December 22, 2016

PORTLAND, ORE. — The Ashforth Co. and an unnamed institutional investor partner have sold Pacwest Center, a 30-story, 545,000-square-foot office tower in Portland’s central business district. The $170 million sale of Pacwest Center is Portland’s largest office transaction in 2016, according to HFF, which represented the seller in the transaction. HFF also procured the buyer, LPC Realty Advisors I LP, on behalf of a pension fund client. LPC Realty Advisors is an investment advisory affiliate of Dallas-based Lincoln Property Co. Completed in 1984, Pacwest Center is located at 1211 S.W. 5th Ave. within the 57-block Transit Mall, which has more than 1 million square feet of development currently underway. The office tower features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. The new ownership plans to renovate PacWest Center by modernizing the common spaces, main lobby and shared amenities. The tower was 76 percent leased at the time of sale to tenants such as Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co. Nick Kucha and Michael Leggett led the HFF investment sales team. Based in Stamford, Conn., The Ashforth Co. owns, develops and invests in assets on the East …

December 22, 2016

Multifamily Oregon Western

Evergreen Housing Development Group Buys Heron Meadows Apartments in Eugene for $40M

by Nellie Day December 14, 2016

EUGENE, ORE. — Evergreen Housing Development Group has acquired the 300-unit Heron Meadows apartments in Eugene for $40 million. The garden-style community is located at 721 Throne Drive. The buyer plans to upgrade the unit interiors and hold the property long-term. Notable employers in the neighborhood include University of Oregon, Kaiser Permanente, Avago Technologies, PeaceHealth and Symantec Corp. The seller was Heron Meadows Apartments NW LLC. Phil Oester and Joe Nydahl of Berkadia executed the sale. The firm’s Jeff Stuart arranged financing for the buyer through an existing assumable Fannie Mae loan and additional supplemental loan.

December 14, 2016

Multifamily Oregon Seniors Housing Western

Radiant Breaks Ground on 15-Unit Memory Care Expansion Near Portland

by Nellie Day December 7, 2016

GRESHAM, ORE. — Radiant Senior Living has broken ground on a new memory care building at Farmington Square Gresham, an assisted living and memory care community in the Portland suburb of Gresham. The community currently features four buildings. The new memory care building will include 15 units that can house up to 26 residents. Construction is scheduled for completion in June 2017. Radiant Senior Living operates 18 communities in Oregon, Washington, Montana and Colorado.

December 7, 2016

Multifamily Oregon Western

Alliance Residential Co. Buys Multifamily Development Site in Portland for $5.8M

by Nellie Day November 23, 2016

PORTLAND, ORE. — Alliance Residential Co. has purchased a 30,000-square-foot development site in Portland’s Pearl District for $5.8 million. The site is located at 1400 N.W. Raleigh St. It previously housed a 28,000-square-foot industrial building that has since been demolished. Alliance has already broken ground on a new 147-unit, six-story apartment building known as Broadstone Reveal. The project will also feature ground-floor retail. Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield’s Capital Markets team represented the seller, Diller Properties LLC.

November 23, 2016

California Oregon Retail Top Stories Uncategorized Washington Western

CBRE Global Investment Partners Acquires Minority Stake in $1.5B West Coast Retail Portfolio

by John Nelson November 22, 2016

LOS ANGELES AND SAN FRANCISCO — CBRE Global Investment Partners has acquired a 45 percent stake in a $1.5 billion portfolio of 55 retail assets located on the West Coast. The investment was made on behalf of the company’s flagship Global Alpha Fund and various separate account clients and totals roughly $450 million, according to reports by The Wall Street Journal. San Francisco-based Merlone Geier Partners (MGP) is the majority owner in the portfolio, which totals nearly 7 million square feet, and will maintain its position as operating partner. The properties are largely anchored by grocery and necessity-based retailers, and are concentrated in Southern California, Seattle, Sacramento, the San Francisco Bay Area and Portland. “This joint venture gives us a rare opportunity to access for our clients a large diversified portfolio of high-quality retail centers that would be challenging to acquire in scale,” says Ian Gleeson, CIO for CBRE Global Investment Partners. “We are pleased to partner with Merlone Geier because it is a leading operator that has significant experience in the retail sector.” Eastdil Secured advised MGP in the transaction. MGP is a private real estate investment company focused on the acquisition, development and redevelopment of retail and mixed-use …

November 22, 2016

Multifamily Oregon Western

Holland Partner Group, Invesco Buy LaSalle Apartments in Beaverton for $140M

by Nellie Day November 16, 2016

BEAVERTON, ORE. — A joint venture between Holland Partner Group and Invesco Real Estate has acquired the 566-unit LaSalle Apartments in Beaverton for $140 million. The community is located at 15021 S.W. Millikan Way. It is situated near the Nike World Headquarters. CBRE’s Debt & Structured Finance Team arranged financing. Josh McDonald, Eli Hanacek and Jon Hallgrimson of the CBRE Capital Markets Pacific Northwest Institutional Properties team represented both the buyer and seller, Waterton, in this transaction.

November 16, 2016

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