NEWPORT, ORE. — The Neenan Company and Gerding Builders have broken ground on the redevelopment of a 126,000-square-foot critical access hospital for Samaritan Pacific Communities Hospital (SPCH) in Newport. The redevelopment includes remodeling the existing 40,000-square-foot facility, as well as adding an 86,000-square-foot facility. The new facility will house 22 departments, including imaging, therapy, surgical and emergency services, greatly enhancing the scope of services the hospital will provide. The hospital will offer an integrated medical campus that brings together specialty departments, ancillary services and outpatient clinics. The hospital is situated immediately off the Pacific Coast Highway along the central Oregon coast. It was last updated in 1988. The project is scheduled for completion in 2019. The community approved a $57 million bond support to update the critical access hospital.
LAMAR, COLO., MONTE VISTA, COLO., AND MYRTLE POINT, ORE. — Lancaster Pollard has arranged $9.5 million in FHA financing for Summit Healthcare REIT. The loans will refinance the acquisition loans on three skilled nursing facilities in the Western United States. The three facilities are Juniper Village at Lamar, a 60-unit skilled facility in Lamar; Juniper Village at Monte Vista, a 58-unit facility in Monte Vista; and Myrtle Point Care Center in Myrtle Point, which features 28 units of skilled nursing and 18 units of assisted living. Jason Dopoulos led the transaction for Lancaster Pollard. The financing, which has a 30-year term, lowered the fixed interest rate on the properties. Summit is a public, non-traded company that recently transitioned from an industrial REIT to a healthcare REIT.
NEWPORT, ORE. — A 1031 exchange buyer has acquired the 44-room Econolodge motel in Newport for an undisclosed amount. The motel is located at 606 S.W. Coast Highway 101. The roadside property is situated on the Central Oregon Coast and features ocean views. Joseph P. Kennedy of Crystal Investment Property represented the buyer.
In many ways, Portland’s industrial market has experienced a dramatic shift over the past five years, emerging as a market to be reckoned with. Demand has exceeded supply for the past six years, pushing vacancy to a 25-year low and rents up 18 percent year-over-year. Industrial users have grown in size, and large users have grown in number. Developments are bigger and migrating further from the traditional industrial submarkets. Investors are keen on Portland assets and are willing to pay a premium for quality product with a solid tenant roster. Portland’s population grew by 8 percent from 2010 to 2015, ranking it among the top 20 of the 50 largest U.S. cities. This growth in metro-area population has propelled strong demand from large e-commerce and distribution companies as they expand into new locations to service our growing consumer base. In 2010, we saw 11 users lease or build spaces of 100,000 square feet or more, and our average size lease was 24,854 square feet. By 2016, our average-sized industrial lease had grown to 39,218 square feet, an increase of 57.8 percent. We also saw 18 users build or lease space greater than 100,000 square feet. Portland’s industrial market users are …
PORTLAND, ORE. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged a total of $24.3 million in financing for the acquisition of Hawthorne Gardens and Pacific Pointe Retirement Inn, both seniors housing communities located in Portland. The two nonrecourse bridge loans included $12 million for the 58-unit Hawthorne Gardens and $12.3 million for the 114-unit Pacific Pointe. The buyer and seller were not disclosed. Grandbridge’s Richard Thomas and Meredith Davis negotiated the financing. The company’s proprietary lending platform, BB&T Real Estate Funding’s structured loan product. Hawthorne Gardens was most recently sold in September 2015 for $10.8 million.
WEST LINN, ORE. — An unnamed buyer has acquired the 10-unit West Linn Plexes apartments for $1.9 million. The community is located at 4355 Riverview Ave. in West Linn. Each duplex consists of three-bedroom and 1.5 bath townhomes that span 1,350 square feet over three floors. Teresa Robles-Trakul of Marcus & Millichap partnered with the Rhoades-Corso Group to secure the buyer. The group also represented the seller, a limited liability company.
TUALATIN, ORE. — Cracker Barrel Old Country Store has opened a store in the Portland suburb of Tualatin, the first Cracker Barrel location in Oregon. William Morrison has been named general manager of the new location and has worked at Cracker Barrel for nearly 20 years. Established in 1969 in Lebanon, Tenn., Cracker Barrel Old Country Store Inc. and its affiliates operate 643 Cracker Barrel Old Country Store company-owned locations in 44 states and own the fast-casual restaurants Holler & Dash.
PORTLAND, ORE. — The PIA Agency has leased 9,380 square feet of creative office space at the New Market Theater in Portland. The theater is located at 115 S.W. Ash St. in the Old Town-Chinatown historic district. The New Market Theater was built as a marketplace and 1,200-seat theater in two phases in 1872 and 1875. It was modeled after a building in Venice, Italy. The space was converted into creative office after it was purchased by Swift Real Estate Partners in 2015. Jennifer Medak of Colliers International represented PIA, a creative content agency. CBRE’s Trevor Kafoury, Michelle Franceschi and Autumn Brice represented Swift.
PORTLAND, ORE. — An unnamed buyer has acquired the 134-unit Modera Goose Hollow apartments for $47.5 million. The community is located at 2004 S.W. Jefferson St. It was built in 2016. The property sits across the street from a MAX light rail system train station. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and the seller, a partnership between Millcreek Trust and a Global Real Estate Investment Manager, in this transaction.
GRANTS PASS, ORE. — Mactrust LLC has acquired the 136-unit Riverwood Apartments and Townhomes in Grants Pass for $15.1 million. The community is located at 1625 S.E. N St. Riverwood was completed in stages between 1989 and 1992. The LLC plans to renovate the property. The seller was Camelot 16 LLC. HFO Investment Real Estate executed the transaction.