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.
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.
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.
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 …
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.
CITRUS HEIGHTS, CALIF., AND CORVALLIS, ORE. — Summit Healthcare REIT has acquired 20 percent interest in two seniors housing communities — Sun Oak Senior Living and Regent Court Senior Living— for $23 million. Summit, a non-traded REIT based in Lake Forest, Calif., acquired the interest from an undisclosed, publicly traded REIT. The two properties are leased to Compass Senior Living, an Oregon-based operator. Sun Oak Senior Living is a 78-bed assisted living and memory care community in the Sacramento suburb of Citrus Heights. Regent Court is a 48-bed memory care community in Corvallis, approximately midway between Portland and Eugene. Capital One – Healthcare Financial Solutions LLC provided financing for the transaction. Blueprint Healthcare Real Estate Advisors, a brokerage firm based in Chicago, arranged the deal. Tim Cobb led the Blueprint team.
PORTLAND, ORE. — Brookline Investment Group has purchased the 200-unit Sunfield Lakes apartment community in the southwest Portland suburb of Sherwood for an undisclosed sum. The community is located at 16100 S.W. Century Drive. Notable employment hubs in the area include Tualatin/Sherwood industrial hub, Legacy Meridian Park Medical Center, LAM Research Corp. and the Wilsonville submarket. Sunfield Lakes features an outdoor pool, hot tub, 24-hour fitness center, lounge and business center. HFF’s Ira Virden and Carrie Kahn represented the seller, Berkshire Group, in this transaction.
PORTLAND, ORE. — CBRE Global Investors has purchased the Park Square Campus, a 295,767-square-foot office campus in downtown Portland, for an undisclosed sum. The Class A campus is located at 100 S.W. Market St. The property is 97.5 percent leased to investment-grade tenants with a weighted average lease term of 8.7 years. Park Square contains an 8,000-square-foot great room connecting the two buildings, a patio, onsite restaurant, updated lobby and secure bicycle parking with lockers, as well as 24-hour security and card key access. CBRE purchased the asset on behalf of a European separate account client.
HILLSBORO, ORE. — Entities of Winkler Development and Watumull Properties Corp. have acquired two corporate parks in Hillsboro that are fully occupied by Nike. The purchase price was $23.2 million. The transaction includes the 65,002-square-foot SunTech Corporate Park I at 3445 NW 211th Terrace, as well as the 77,965-square-foot Tanasbourne Corporate Park I at 20010 NW Tanasbourne Drive. Nike moved into the buildings in 2015. NGKF’s David Hill, David Squire, Kevin Shannon, Ken White and Laura Stumm represented the seller, LBA Realty, in this transaction.
WEST LINN, ORE. — Lancaster Pollard has arranged two refinancings totaling $33.5 million for seniors housing communities in the Portland suburb of West Linn and an undisclosed town in Northern California. In the first transaction, Lancaster Pollard arranged $19 million for Sterling Senior Communities to refinance Tanner Springs, a 115-bed assisted living and memory care community in West Linn. The transaction refinanced an existing HUD loan of $10.5 million and included a reimbursement of $8.2 million for previously incurred capital expenditures. Jason Dopoulos led the transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard arranged $14.5 million for Cornerstone Assisted Living Communities. The loan will refinance an undisclosed, 110-bed assisted living community in Northern California. The transaction refinances $9.6 million of existing debt and reimburses $4 million for previously incurred capital expenditures. The remaining capital paid the transaction costs. Grant Goodman led the transaction for Lancaster Pollard. Both financings are through Lancaster Pollard’s Fannie Mae program. Doug Harper and Casey Moore of Lancaster Pollard assisted on both deals.