NORTH PLAINS, ORE. — Colliers has arranged the completion of a 10-year lease agreement with DB Schenker, as the tenant, and the forward sale of North Plains Logistics Center to STAG Industrial Holdings. Far West Fibers sold the asset for an undisclosed price. Situated on 10.5 acres in North Plains, located within Oregon’s Silicon Forest submarket just west of Portland, North Plains Logistics Center features 201,750 square feet of industrial space. Jerry Matson and Colin Russell of Colliers, along with West Industrial Capital Markets’ Michael Kendall and Gian Bruno, represented the seller in the deal. Matson and Cole Hooper of Colliers represented tenant, DB Schenker, in the site selection and lease negotiations. Matson and Russell also represented the landlord in lease negotiations.
NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million. The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton
PORTLAND, ORE. — Gantry has arranged a $16.2 million permanent loan for the acquisition of a warehouse facility located at 6447 N. Cutter Circle in Portland. FedEx Ground fully occupies the 212,000-square-foot building, which was redeveloped in 2015. The 126-door, cross-docked facility offers ready access to the Port of Portland, Interstate 5, Union Pacific Railroad and Portland International Airport. Tony Kaufmann and Joe Foley of Gantry’s San Francisco production office represented the borrower, a private real estate investor. The long-term, fixed-rate loan was secured from one of Gantry’s correspondent life company lenders and structured with a term that exceeds the tenant’s firm lease term. The loan features interest-only payments for half the term, followed by a 30-year amortization period.
EUGENE, ORE. — JLL has provided an undisclosed amount of acquisition financing for K14 Campus Flats, a student housing community located across the street from the University of Oregon campus in Eugene. Patricia Heminger, Dan Kearns, Stephen VanLeer, Rebecca Brielmaier, Sam Tarter and Merrick Evans of JLL worked on behalf of the borrower, Waterway Family Funds, to place the 10-year acquisition financing with Freddie Mac. JLL Real Estate Capital will service the loan. The seller in the transaction was not disclosed. Located at 1414 Kincaid St., K14 Campus Flats offers 45 units in two-, three- and four-bedroom configurations. The property was fully leased at the time of sale. Shared amenities include a community courtyard, lounge, grilling station and onsite bicycle storage.
SALEM, ORE. — Colorado-based investment firm Brinkman Real Estate has purchased Autumn Woods Apartments & Townhomes in Salem. The newly constructed, 10-building property offers two- and three-bedroom apartments and townhomes. Units feature private yards, patios and attached garages, as well as individual washers and dryers. Jason Bond and Grant Bailey of Berkadia provided an undisclosed amount of Fannie Mae acquisition financing for the deal. The seller and sales price were also not disclosed.
PORTLAND, ORE., AND VANCOUVER, WASH. — Colorado-based Spartan Investment Group has acquired three self-storage facilities in Oregon and Washington for $44 million. The seller was not disclosed. The 224,299-square-foot portfolio, which is managed by Extra Space Storage, includes: All properties were built within the last seven years and offer ground-level drive-up units, interior heated units with first floor and elevator access, interior non-climate-controlled units and parking spaces.
ALBANY, ORE. — Gantry has arranged a $40.5 million permanent loan to retire construction financing for a multifamily property in Albany, approximately midway between Salem and Eugene. The recently completed, stabilized, Class A property features 264 apartments in a mix of one-, two- and three-bedroom floor plans spread across 23 buildings on 17 acres. Community amenities include a clubhouse, pool, therapeutic hot tub, sauna, 24/7 fitness center, theater room, sports court, playground and off-leash dog park. Blake Hering and Crischell Bacarro represented the borrower, a private real estate investor. Fannie Mae, via Walker & Dunlop, provided the five-year, interest-only, fixed-rate loan.
BEND, ORE. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided $58.8 million in bridge financing for Solis at Petrosa, an apartment complex in Bend. McBride Capital brokered the transaction for the borrower, Pahlisch Commercial. Proceeds from the loan will go towards refinancing the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. Situated on 10 acres, the community features 260 apartments spread across eight three-story buildings. Community amenities include a pool, community lounge with a full kitchen, fitness room, golf simulator room and pet wash station.
COOS BAY, ORE. — AlpHubbard LLC has purchased a restaurant property, located at 2021 Newmark Ave. in Coos Bay, from Ternik LLC for $1.9 million. Burger King occupies the 2,824-square-foot freestanding drive-thru building, which was constructed in 1992. Todd VanDomelen and Mike Brown of Portland, Ore.-based Norris & Steven Inc. represented the buyer, while Clayton Brown of Marcus & Millichap represented the seller in the deal. Coos Bay is a coastal city approximately 100 miles southwest of Eugene.
PORTLAND, ORE. — A public-private partnership between USA Properties Fund, Northwest Housing Alternatives and Oregon Housing and Community Services (OHCS) has opened The Canopy Apartments at Powell, a multifamily property at 12475 S.E. Powell Blvd. in Portland. Situated 12 miles east of downtown Portland, The Canopy Apartments at Powell features 169 one-, two- and three-bedroom apartments for residents earning less than 60 percent of the area median income. Community amenities include elevators, laundry facilities on each floor, on-site parking, bike room, an after-school program for children, a courtyard with a tot lot, a dog wash and a donation pantry. The $63 million development is the first of two apartment communities in Oregon for USA Properties Fund. The public-private partnership, including $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) housing program, was critical in paving the way for the project, as well as The Portland Housing Bureau’s waiving of millions of dollars of development fees. Additional project partners included WNC & Associates and JP Morgan Chase as financial partners and WALSH Construction Co. as general contractor.