GRESHAM, ORE. — Madison-Specht Vista Logistics LLC, a partnership between Specht Development and New York Life Real Estate Investors, has started construction of a 732,824-square-foot spec industrial building in Gresham. The 37.4-acre site is located at SE 223rd and Stark streets. The new facility will be called Vista Logistics Park. The site was purchased from the Port of Portland for $9.2 million. The project should be completed this fall. Don Ossey and David Ellis of the Capacity Commercial Group will lead the facility’s leasing efforts. Perlo Construction is building the project, which Mackenzie architects designed.
BEND, ORE. — A private investor from Louisiana has acquired the 168-unit Sienna Pointe apartment community in Bend for $23.7 million. The community is located at 1855 NE Lotus Drive. It was built in phases between 1990 and 1993. Cody Hagerman, Greg Frick, Rob Marton and Tyler Johnson of HFO Investment Real Estate represented the seller, Oregon Pacific, in this transaction.
PORTLAND, ORE. — A joint venture between PCCP and Capstone Partners has commenced construction of PDX Logistics Center III, a 257,120-square-foot industrial complex in Portland. The two-building property will be situated approximately half a mile from the air cargo entrance at Portland International Airport and three miles from Interstate 205. DX Logistics Center III is designed to attract smaller, local distribution users with space needs averaging about 45,000 square feet and requiring office build-outs. Construction is scheduled for completion next August.
MEDFORD, ORE. — LBG Real Estate Cos. LLC is set to begin a $12 million redevelopment of Medford Center, a 420,000-square-foot entertainment and lifestyle center located in Medford. The redevelopment will include a complete redesign and remerchandising of the central pedestrian promenade; the addition of 30,000 square feet of leasable space, designed particularly for restaurants, wine bars and breweries with most spaces offering significant outdoor seating; and the addition of a freeway-visible tower and new hardscape and signage. Additional seating and a water/fire feature will also be added during renovations. Construction is expected to begin in late August, with completion scheduled for late 2017.
SEASIDE, ORE. — An unnamed buyer has acquired the 18-room Inn at the Shore hotel for $3.1 million. The hotel is located at 2275 S. Prom in Seaside, approximately 80 miles northwest of metro Portland. Joseph Kennedy of Crystal Investment Property, a member of Hotel Brokers International, represented the unnamed seller in the transaction.
PORTLAND, ORE. — Hilton Worldwide and the Buccini/Pollin Group have announced plans to build a Canopy by Hilton hotel in Portland. The 153-room hotel will be located at 425 NW 9th Ave. in the Pearl District’s Gallery Row. Portland and Washington, D.C., are the first two U.S. cities to receive hotels under the new Canopy by Hilton brand. Both are slated for opening in 2017. Phillips Realty Capital arranged a $27.7 million construction loan, while EB5 Capital provided $15.5 million in preferred equity raised from 31 foreign investors seeking U.S. residency under the EB-5 Immigrant Investor Program.
PORTLAND, ORE. — KBS Capital Advisors has purchased the Commonwealth Building, a 216,099-square-foot, creative-tech office tower in Portland, for $69 million. The building is located at 421 S.W. 6th Ave. The space was originally built in 1948. The Commonwealth Building was renovated between 2013 and 2015 when the mid-century building was converted into a creative-tech office tower. HFF secured a $47.4 million, five-year, floating-rate acquisition loan through an insurance company for the buyer. The firm also assisted the seller, Unico Properties LLC, in this transaction.
PORTLAND, ORE. — Resource Real Estate Opportunity REIT II has purchased the 357-unit Breckenridge Apartment Homes in Portland for an undisclosed sum. The community is located at 8150 S.W. Barnes Road. It was built in 1985. The REIT plans to implement a value-add strategy to improve the property’s exterior, common areas and unit interiors.
BROOKINGS, ORE. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the $1 million sale of Macklyn Place, a 36-unit assisted living community in Brookings, located along the Pacific Coast near the California border. A regional operator and developer purchased the property from a national owner/operator looking to divest non-core assets. Sold as a value-add opportunity, the buyer plans to add memory care services at the property. The sales price equates to $30,000 per unit. Ben Firestone, Jacob Gehl and Trent Gherardini were lead advisors on this transaction.
EUGENE, ORE. — FollettUSA has purchased Summer Oaks, a 102-home 55+ mobile home park in Eugene, for $10.4 million. The seller was Zacorn LLC. Colliers International Portland represented both parties in the transaction. The company’s team on the deal included Skip Rotticci, vice president, and associates Alexander Cheng and Kenneth Verbeck. The sales price equates to $102,000 per pad and a capitalization rate of 4 percent.