PORTLAND, ORE. – GBD Architects has renewed its lease and expanded its space at the Brewery Blocks II in Portland. The five-block retail and office center is located at 1477 Northwest Everett Street in the city’s Pearl District. GBD was represented by Chris Johnson, MaryKay West and Carter Beyl of NAI Norris, Beggs & Simpson. The landlord, MEPT Brewery Block 2 LLC, was represented by Eric Haskins of Jones Lang LaSalle.
BEND, ORE. — A joint venture between Tryperion Partners and Vesta Hospitality has acquired the Riverhouse Hotel & Convention Center, a 220-room hotel in Bend, for an undisclosed sum. The full-service hotel is located at 3075 US-97 BUS, along the Deschutes River. The acquisition includes a 53,000-square-foot convention center. The joint venture plans to upgrade the guest rooms and food and beverage outlets. The hotel also has prime access to walking and hiking trails along the river.
PORTLAND, ORE. – The 72-unit Connery Place apartment community in Portland has sold to a private investor for $7 million. The community is located at 8110 SE Mill Street in the southeast Montavilla neighborhood. It is 97 percent occupied. The property features a renovated clubhouse and outdoor pool. About 30 percent of the units have been renovated. HFF’s Nick Klein and Tyler Linn represented both the buyer and seller, Cumberland Holdings, in this transaction.
PORTLAND, ORE. — BDC Advisors has acquired a 96,250-square-foot office building in Portland for $35.3 million. The mid-rise building is located at 2100 Southwest River Parkway in the city’s Central Business District. The Class A building is situated in the south end of CBD on the Willamette River. It sits adjacent to the southern-most part of Waterfront Park, less than a mile southeast of Downtown. The eight-story property was built in 1995. It is fully leased to two tenants. The transaction was executed by HFF. The seller was Clarion Partners. HFF also secured a seven-year, fixed-rate acquisition loan for BDC through a regional bank.
PORTLAND, ORE. — M&C Properties has acquired the 324-unit Jory Trail at the Grove apartments in Portland for $59 million. The community is located at 8750 Southwest Ash Meadows Road. The property sits adjacent to Interstate 5 in the Wilsonville submarket, which is less than 20 miles south of Downtown Portland. It is situated within the Grove master-planned community. Notable employers in the area include Xerox, Mentor Graphics, Fir Systems and Rockwell Collins. Jory Trail was completed in 2012. It is currently 94 percent leased. Community amenities include walking trails, Wi-Fi access in all units and public spaces, a 24-hour fitness center, pool and sundeck with heated hydrotherapy spa. The seller, a partnership between Holland Partner Group and the Carlyle Group, was represented by HFF’s Ira Virden and Kerry Hughes. HFF also secured a $44.2-million, fixed-rate loan for M&C through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. The HFF debt placement team was led by Charles Halladay, Tom Wilson, Sebastian Trujillo and Charlie Watson.
PORTLAND, ORE. – A 165-room Embassy Suites has opened in Portland’s Silicon Forest neighborhood, which is known as a local tech hub. The hotel is located at 20001 NW Tanasbourne Drive. It is the first and only full-service hotel in the area. The Embassy Suites is owned by Hillsboro Hotel Partners II LLC, developed by Thackeray Garn Company LLC and managed by Western States Lodging and Management.
PORTLAND, ORE. — NBP Capital and Provenance Hotels have teamed up to develop a new hotel in Downtown Portland. The duo plan to invest $30 million to renovate two adjacent historic buildings they recently purchased on the corner of SW Alder and SW Park. The acquisition included the Woodlark Building, which was built in 1912, and the former Cornelius Hotel, built in 1908. The adaptive reuse will connect the two buildings, which have spaces for two food and beverage outlets. Both properties are listed on the National Register of Historic Places. The new lifestyle hotel will include 150 rooms. This is the first joint acquisition by NBP Capital and Provenance Hotels. NBP is the majority partner in the project. Developer Arthur Mutal has also invested alongside NBP and Provenance Hotels. This is Provenance’s fifth hotel project in Portland. The company owns the Westin Portland. It also owns and manages Portland’s Hotel Lucia, Hotel deLuxe and Sentinel, as well as Hotel Max and Hotel 1000 in Seattle, and Hotel Murano in Tacoma, Wash. Provenance will also manage this hotel when it opens in 2016. The new project will be designed by R&A Architecture & Design, Freier Architekt and MCA Architects.
PORTLAND, ORE. – The 70-unit Central Eastside Lofts in Portland has sold to an out-of-state private investor participating in a 1031 exchange for $18.9 million. The lofts are located at NE 6th and Couch, near the Burnside Bridgehead. The property also includes 11 retail spaces. The seller was Andrews Management. The transaction was executed by HFO Investment Real Estate.
SALEM, ORE. – The 60-unit Catron Place apartment community near Salem has sold to a private investor for $6.4 million. The community is located at 515 North Catron Street in Monmouth, just west of Salem. It is situated a few blocks from Western Oregon University. The buyer was represented by Scott Logan of Marcus & Millichap’s Portland office. The seller, a developer, was represented by Georgie Christensen of the same office.
PORTLAND, ORE. – MBRE Healthcare has acquired Mt. Scott Professional Center II, a 48,500-square-foot medical office building in the Portland submarket of Happy Valley, for $11 million. The center is located off SE Johnson Creek Boulevard. Notable tenants include Mt. Scott Surgery Center, Metropolitan Pediatrics and Adventist Health. MBRE was represented by Brian Norton of KW Commercial. The seller, Mt. Scott Professional Center II LLC, was represented by Raymond Duchek and Thomas McDowell of Norris & Stevens.
