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.
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.
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.
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.
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, …
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.
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.
PORTLAND, ORE. — The first two tenants have been announced at Field Office, a $100 million office project being developed in Portland’s Frontside district. The two-building office and retail space will house Adpearance and The Children’s Garden when it opens in early 2018. Both tenants are local companies. The full-service digital marketing agency will occupy 30,000 square feet in Field Office’s West building. The early childhood learning center will be situated on the ground floor of the same building. National Real Estate Advisors is developing Field Office.
PORTLAND, ORE. — Cushman & Wakefield has completed the remodeling of its long-time office in downtown Portland. The office is located at 200 S.W. Market St. Cushman & Wakefield has resided in the building since 1989. The remodel includes new design enhancements and amenities making for a more collaborative, technologically advanced, functionally efficient and enjoyable workplace. The office features numerous common areas and meeting rooms, two phone booths for private calls, a private wellness room, Skype for Business technology, on-site showers and smart lighting based on occupancy, among other features. The building was initially constructed in 1973. Russell Development completed a $25 million reconstruction of the building in 1990. The firm also installed new on-site amenities earlier this year, including bocce ball courts, and completed an upgrade to the outdoor terrace area. The building is co-managed by Russell Development Co. and Cushman & Wakefield, both of which have offices on the site.
MEDFORD, ORE. — Harry & David will operate approximately 20 pop-up stores nationwide this holiday season, in addition to its 46 year-round retail locations. The pop-up stores will open in key market areas across the United States. Harry & David holiday pop-up stores have already begun to open and are expected to close shortly after the holiday season. The specific locations were not disclosed. Headquartered in Southern Oregon, Harry & David owns and operates 20 different orchards spread over 100 square miles, featuring fresh yearly crops of handpicked fruit. The brand also currently operates 46 year-round retail locations across the United States. Harry & David is part of the 1-800-FLOWERS.COM Inc. family of brands.