WOODBURN, ORE. — Radiant Senior Living, a Portland-based seniors housing owner/operator, has purchased Emerald Gardens of Woodburn, a 44-unit assisted living and memory care facility approximately 30 miles south of Portland, for $6 million. Built in 1987, the community was renovated in 2013 to add 12 units of secured memory care. Shep Roylance and James Duffy of JCH Senior Housing Group arranged the transaction. The seller was not disclosed.
LINCOLN CITY, ORE. — The 54-room Edgecliff Motel in Lincoln City has sold to an unnamed buyer for $1.6 million. The hotel is located at 3733 Highway 101. It overlooks the Pacific Ocean, and is about one mile south of the Tanger Outlet Mall. The hotel will undergo a $1 million remodel. Joseph P. Kennedy of Crystal Investment Property represented the seller in this transaction.
PORTLAND, ORE. — Keystone Automotive Industries has leased 230,000 square feet at Interstate Crossroads Distribution Center in Portland. The space is located at NE 166th Avenue and NE Cameron Boulevard. The owner, Interstate Crossroads LLP, is a joint venture between real estate finance and investment management firm PCCP LLC and project developer Specht Development. David Ellis and Don Ossey of Capacity Commercial Group/CORFAC International represented the joint venture in the deal.
PORTLAND, ORE. — Urban Renaissance Group (URG) has purchased a four-asset office portfolio based in Portland for an undisclosed sum. The acquisition brings URG’s portfolio to more than 10 million square feet throughout the Portland, Seattle and Colorado areas. The new assets include the 522,000-square-foot Pacwest Center; the 277,000-square-foot Liberty Centre; the 398,000-square-foot Moda Tower; and the 240,000-square-foot One Pacific Square. The seller was Langley Investment Properties (LIP). LIP plans to refocus its efforts on new investment and development opportunities, in addition to related portfolio asset management.
EUGENE, ORE. — Avago Technologies has purchased the Eugene Technology Center, a 1.1-million-square-foot industrial and manufacturing campus, for an undisclosed sum. The Class A campus is located at 1830 Willow Creek Circle in Eugene. Avago plans to manufacture semiconductor chips at the facility, which was built in 1997. The three-story property represents the largest advanced manufacturing space available in the Western U.S., according to Binswanger, which represented the buyer. The seller was Hynix Semiconductor America. Chuck Pawlak and Eric Dienstbach of Binswanger represented Avago.
PORTLAND, ORE. — Watumull Properties Corp. has purchased a 205,303-square-foot manufacturing facility in Portland for $7.5 million. The property is located at 3901 SE Naef Road in the Milwaukie suburb. The seller was Blount International Inc., an outdoor equipment manufacturer. Steven Klein, Peter Stalick and Jeff Kiersey of Kidder Mathews represented Watumull. The Kidder Mathews team will also handle leasing at the facility.
EUGENE, ORE. — CBRE National Senior Housing has arranged construction financing for The Springs at Greer Gardens, a 216-unit independent living, assisted living and memory care community in Eugene. The borrower is a joint venture between developer and owner/operator The Springs Living and institutional equity partner Harrison Street. The community will consist of 30 independent living cottages, 79 independent living apartments, 75 assisted living units and 32 memory care units. The 256,100-square-foot, three-story main building will house the apartments, while the 30 cottages will be located directly adjacent. The entire development is situated on a 13.4-acre parcel. CBRE secured a five-year, floating-rate loan with 48 months of interest-only payments. The loan was placed through a national bank with a regional bank participant. Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.
PORTLAND, ORE. — KeHE Distributors has leased a 383,040-square-foot facility at PDX Logistics Center I in Portland. Capstone Partners and PCCP are developing the logistics center, which will be built in two phases. The property will eventually include two spec buildings totaling 848,400 square feet. PDX Logistics Center I is within the Portland International Center, which is owned by the Port of Portland. Both buildings are fully leased.Jerry Matson and Paul Breuer of Colliers International represented the landlord in this lease transaction.
PORTLAND, ORE. — Trion Properties has acquired the 44-unit Spring Garden apartments in Portland for $4.4 million. The community is located at 2222 SW Spring Garden St. It was built in 1967. Clay Newton and Jordan Matthews of Kidder Matthews represented both the buyer and seller in this transaction.
IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …
