PORTLAND, ORE. — National Health Investors has acquired Golden Age Senior Living in Portland for $6.7 million. Renovated in 2010 and expanded in 2013, the 40-bed memory care community was 88 percent occupied at the time of sale. The community will be leased to Chancellor Health Care for 15 years with renewal options at an initial lease rate of 7.75 percent plus annual escalators. The purchase was funded with cash on hand and borrowings from NHI’s revolving credit facility. NHI is a REIT specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
PORTLAND, ORE. — An institutional invester has purchased Burnside 26, a mixed-use property with 135 residential units in Portland, for $41.5 million. The community is located at 2625 E. Burnside St., next to the Laurelhurst Theater. Burnside 26 is situated near Whole Foods Market and Starbucks. Top employers in the area include Providence Portland Medical Center, Kaiser Permanente Northwest, City of Portland, Portland State University, and Oregon Health and Science University. The seller was a joint venture between Capstone Partners, Green Light Development and Premium Property USA, a subsidiary of German company MIAG Mutschler Immobilien AG.
WILSONVILLE, ORE. — McLellan Estate Co. has purchased a 76,000-square-foot industrial project in Wilsonville for an undisclosed sum. The project is located at 27929 SW 95th Ave. The two contiguous buildings are situated on about four acres of land at the northwest corner of Boeckman Road & SW 95th Avenue. It is currently 85 percent occupied by Amcor Packaging, Nitroheat LLC and Pack Edge Development. Scott Finney and Nick Chessar of Norris & Stevens represented both McLellan and the seller, Rippey Investments, in this transaction. Norris & Stevens will continue to handle both the leasing and facilities management for the project.
BEAVERTON, ORE. — Nike has leased 105,005 square feet at the AmberGlen Business Center in Beaverton. The 217-acre business campus is 20 minutes from downtown Portland. Bradford Fletcher of Newmark Grubb Knight Frank represented Nike. Chris Johnson, MaryKay West and Brandon Frank of NAI Norris, Beggs & Simpson represented the landlord, AmberGlen Office Corp.
EUGENE, ORE. — Lancaster Pollard has provided $6.7 million in financing for Benicia Senior Living to fund the acquisition and rehabilitation of River Grove, a 60-unit assisted living and memory care community in Eugene. The funding will be used to renovate three of the community’s four buildings and build a commercial kitchen to serve the campus. Once renovations are complete, the entire campus will be dedicated to memory care. The financing structure, which included senior and mezzanine loans, allowed for the borrower to avoid raising substantial amounts of equity otherwise required for conventional financing. The financing carries five-year terms. Doug Korey, president of Lancaster Pollard, led the financing.
BEAVERTON, ORE. — Holland Acquisition Co. LLC has acquired Wyndham Park I & II, a pair of multifamily communities in Beaverton, for a total of $63.9 million. Wyndham Park I sold for $34.5 million, or a per-unit price of $151,342, while the second community went for $29.4 million, or $150,738 per unit. Wyndham Park I contains 228 units that were built in 1996. The community is located at 14700-14790 Southwest Scholls Ferry Road. It features one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a spa, sauna, wading pool, clubhouse, playground, fitness center, barbeques, a business center and bicycle storage. Wyndham Park II contains 195 units that were constructed in 1987. The community is located at 11600 SW 147th Terrace. Common-area amenities include a swimming pool, sauna, spa, fitness center, clubhouse, playground, car care areas and garages. The two communities share an entryway across from Murray Scholls Town Center. They are walking distance to Progress Ridge Townsquare, which is anchored by New Seasons Market. Notable employers in the area include Nike, Intel Corp. and Tektronix. The acquisition involved the assumption of two Freddie Mac loans. The seller was KI-Wyndham Park LLC. The transaction was executed by Phil Oester …
PORTLAND, ORE. — Subaru of America has announced its plans to lease 600,000 square feet at Gresham Vista Business Park, just east of Portland. The new facility will be developed at the intersection of NE 38th Drive and NE 242nd Drive. The space will break ground this August. Subaru is scheduled to occupy the facility in October 2016. The 220-acre Gresham Vista Business Park is situated at the Port of Portland. The new space is being developed by a joint venture between Trammell Crow Company and a commingled fund managed by Clarion Partners. This is the second development Trammell Crow has handled for Subaru on port-owned property. It is also the largest development at Gresham Vista since the property was acquired by the port in 2011, according to Trammell Crow. The new space will allow Subaru to relocate its master distribution facility, which serves regional facilities from Japan to Portland. The facility will sit on 40 acres, which will also allow for future expansion of up to 236,000 square feet. Subaru’s existing 413,900-square-foot regional distribution center in the Port’s Rivergate Industrial Park will continue to operate.
TIGARD, ORE. – A 24,733-square-foot retail building in Tigard has sold to Hobo Properties LLC for $2.5 million. The building is located at 12230 SW Main Street in the downtown region. The center is fully occupied by Crown Carpets and Live Laugh Love Glass. Hobo Properties was represented by Joe Kappler of Macadam Forbes. The seller, 3DM Holdings, was represented by Scott Finney and Nick Chessar of Norris & Stevens.
TUALATIN, ORE. – Harsch Investments has purchased Teton Industrial Building, a 100,000-square-foot industrial property in Tualatin, for an undisclosed sum. The building is located at 20495 SW Teton Ave. It was formerly long occupied by Stanton Furniture. Harsch will immediately begin a renovation program that will include roof improvements, painting, parking lot and landscape upgrades, warehouse lighting upgrades and yard area re-grading. The transaction was executed by Stu Peterson of Macadam Forbes.
PORTLAND, ORE. — Aukum Management LLC has purchased the 372-unit Canyon Creek apartment community in the Portland submarket of Wilsonville for $49.5 million. The community is located at 26310 SW Canyon Creek Road, about 16 miles south of Downtown Portland. The property is 95.7 percent leased. Its units average about 858 square feet. Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center. The seller, a private investor, was represented by HFF’s Ira Virden and Kerry Hughes.