Oregon

Nike Office Buildings in Oregon Sell for $23.2M

by Nellie Day November 3, 2016

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.

November 3, 2016

California Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges $33.5M Refinancing for Two Seniors Housing Communities on West Coast

by Nellie Day October 24, 2016

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.

October 24, 2016

Multifamily Oregon Western

One Jefferson Parkway Apartments in Lake Oswego Sells for $78M

by Nellie Day October 19, 2016

LAKE OSWEGO, ORE. — Security Properties and Pacific Life Insurance Co. have purchased the 347-unit One Jefferson Parkway apartment community in Lake Oswego for $78 million. The property was built in two phases in 1987 and 1990. One Jefferson was 96 percent occupied at the time of sale. Jon Hallgrimson, Eli Hanacek and Josh McDonald of the CBRE Capital Markets Pacific Northwest Institutional Properties team represented both the buyer and the seller, Jackson Square Properties, in this transaction. Nick Santangelo of CBRE’s Debt & Structured Finance organized financing for the acquisition.

October 19, 2016

Multifamily Oregon Western

MG Properties Group Buys Green Leaf Monterey Apartments Near Portland for $76M

by Nellie Day October 12, 2016

HAPPY VALLEY, ORE. — MG Properties Group has purchased the 390-unit Green Leaf Monterey Apartments in the Portland suburb of Happy Valley for $76 million. The community is located at 8640 S.E. Causey Ave. The 11.8-acre site is near the Clackamas Town Center. Green Leaf Monterey has been continually upgraded over the past few years. Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton of HFO Investment Real Estate executed the sale. The seller was Green Leaf Partners.

October 12, 2016

Office Oregon Western

The Specht Company Sells Beaverton Creek Business Park for $51.1M

by Nellie Day October 11, 2016

BEAVERTON, ORE. — The Specht Company and its affiliates have sold four phases of Beaverton Creek Business Park for $51.1 million. The sale consists of 11 buildings totaling 380,050 square feet and one 2.4-acre parcel of land in Beaverton. Artemis Real Estate Partners and Cruzan purchased three phases of the property totaling 311,337 square feet for $41.6 million. An undisclosed buyer acquired the remaining 68,713-square-foot phase for $9.5 million. Another Specht entity retains ownership of a separate six-acre parcel within the park that is immediately adjacent to the Beaverton Creek Light Rail Station. All of these properties are leased to Nike. The sports apparel company has been a tenant at the park since 1991. HFF executed the sales transactions and secured a $27 million, 10-year, fixed-rate acquisition loan for Artemis and Cruzan through a correspondent life insurance company lender.

October 11, 2016

Oregon Retail Western

JLL Income Property Acquires Timberland Town Center in Portland for $43.1M

by Nellie Day October 11, 2016

PORTLAND, ORE. — Gramor Development Inc. has sold Timberland Town Center, a 91,000-square-foot shopping center located in Portland, for $43.1 million. A 40,000-square-foot Market of Choice grocery store anchors the center, which is also home to Orangetheory Fitness, H&R Block, Blu Olive Mediterranean Cuisine, B’Tan Sun Studio and Supercuts. JLL Income Property Trust acquired the property. Capital Pacific LLC brokered the transaction.

October 11, 2016

Mixed-Use Office Oregon Retail Western

DDR Corp. Acquires Gresham Town Center in Metro Portland

by Nellie Day October 10, 2016

GRESHAM, ORE. — DDR Corp. has acquired Gresham Town Center, a 296,186-square-foot mixed-use center located in the Portland suburb of Gresham, for an undisclosed price. The retail portion of the property is home to tenants including Best Buy, Bed Bath & Beyond, Craft Warehouse, Cost Plus World Market, Old Navy, Ulta Beauty, Panera Bread, Starbucks Coffee, Old Navy, Men’s Wearhouse, Baja Fresh Mexican Grill and Charming Charlie. The center also contains 12,289 square feet of office space. A 45,000-square-foot, single-tenant LA Fitness located north of the center was also included in the sale. Nick Kassab of HFF represented the seller in the transaction, Westlake Realty Group Inc.

October 10, 2016

Oregon Retail Western

Albertsons Building in Baker City Changes Hands

by Nellie Day September 21, 2016

BAKER CITY, ORE. — ValueRock Realty Partners has acquired a 48,239-square-foot building in Baker City for an undisclosed sum. The property is net leased to an Albertsons grocery store. The building is located at 1120 Campbell St. Nick Foster, Mark West and Nick Kassab of HFF represented the seller in this transaction.

September 21, 2016

Hospitality Office Oregon Western

BPM Real Estate Group to Build Broadway Tower Project in Portland

by Nellie Day September 20, 2016

PORTLAND, ORE. — BPM Real Estate Group has started construction of the Broadway Tower office and hotel project in downtown Portland. The 19-story project will include a 180-room Radisson RED hotel, 175,000 square feet of office space and more than 2,000 square feet of ground-floor retail space. Radisson RED will occupy Broadway Tower’s first eight floors, with Class A office space occupying the top 11 floors. The project is scheduled for completion in the third quarter of 2018. Howard S. Wright, a Balfour Beatty company, is building the project, which GBD Architects designed. Broadway Tower is Howard S. Wright’s second project for BPM Real Estate Group in Portland. The firm delivered the Pearl West office building for the developer earlier this year.

September 20, 2016

Multifamily Oregon Seniors Housing Western

NHI Buys Three Seniors Housing Communities Near Portland for $36.6M

by Nellie Day September 7, 2016

MCMINNVILLE, ORE. — National Health Investors (NYSE: NHI) has purchased the entire portfolio of FirCrest Community Living for $36.6 million. The transaction included three seniors housing communities, all located in McMinnville, approximately 35 miles southwest of Portland. The three facilities are located within four miles of each other and feature a total of 134 units and 181 beds. The facilities were constructed in 2008, 2014 and 2015, and offer memory care, assisted living and independent living care services. Evans Senior Investments represented the seller the transaction, which included FirCrest Community, Maple Valley and Cherrywood Memory Care. The purchase price equates to $272,388 per unit. NHI immediately leased all three communities to Chancellor Health Care. The lease term is for 15 years with an annual lease rate of 7.5 percent plus annual fixed escalators. With the three new communities, NHI now leases seven seniors housing communities to Chancellor. NHI, a publicly traded healthcare REIT based in Tennessee, funded the acquisition with its revolving credit facility.

September 7, 2016

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