Oregon

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

Industrial Oregon Western

Specht Development Starts Construction of 732,824 SF Industrial Project in Gresham

by Nellie Day August 29, 2016

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.

August 29, 2016

Multifamily Oregon Western

Sienna Pointe in Bend Sells for $23.7M

by Nellie Day August 25, 2016

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.

August 25, 2016

Industrial Oregon Western

PCCP, Capstone Partners Commence Construction of 257,120 SF Logistics Center in Portland

by Nellie Day August 24, 2016

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.

August 24, 2016

Oregon Retail Western

LBG Real Estate to Begin $12M Redevelopment of Medford Center in Oregon

by Nellie Day August 4, 2016

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.

August 4, 2016

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