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.
PORTLAND, ORE. – DiNapoli Capital Partners has purchased the 100-unit Honeyman Hardware Lofts in Portland for $37 million. The community is located at 555 NW Park Ave., in the city’s Downtown Pearl District. Honeyman Hardware also features 10,800 square feet of street-level retail space. It was originally built between 1903 and 1920 as three individual buildings. All three buildings were renovated and converted into residential and retail uses between 1989 and 1991. The Cotter Building, the largest of the three structures, was originally home to the Honeyman Hardware Company. It is listed on the National Register of Historic Places. The Cotter Building now houses 66 residential units. The remaining two buildings, the Bindery Building and the Metro Building, both contain 17 additional units. Select Honeyman Hardware apartments feature two-level floor plans, exposed brick walls, vaulted ceilings, private balconies, Jacuzzi baths and built-in window seats. The seller, a joint venture between Lubert-Adler Partners and Security Properties, had invested $4.9 million to upgrade the community. It also converted a portion of the retail space into 11 live-work lofts, in addition to creating a new resident lounge with free Wi-Fi and a gourmet coffee bar. The sale was executed by HFF’s Ira Virden.
MEDFORD, ORE. — An entity sponsored by LBG Real Estate Companies has acquired the Medford Center, a 420,000-square-foot regional shopping center, for an undisclosed sum. The retail center is located off Interestate-5, between the Biddle Road and Crater Lake retail corridors in Medford. The Medford Center was 87 percent leased at the time of sale. Notable tenants include Cinemark, International Fitness, Sears, Safeway, Rite Aid, Red Robin, Coldstone Creamery and Ashley Furniture. LBG plans to redevelop and reposition the center. This will include significant improvements to the center’s configuration, architectural design and the central pedestrian promenade.
PORTLAND, ORE. – CBRE Global Investors has acquired the 348-unit Arbor Heights apartment community in Portland for $54.1 million. The community is located at 15199 SW Royalty Parkway. Arbor Heights was 95 percent occupied at the time of sale. It was built in 1997 in the Portland submarket of Tigard, just 10 miles from the city’s downtown. The seller, Capri Capital Partners LLC, was represented by ARA’s Gail Neuburg. Capri Capital owned the asset on behalf of one of its institutional clients.
PORTLAND, ORE. – A fund sponsored by CBRE Global Investors has acquired Arbor Heights, a 348-unit apartment community south of Portland, for an undisclosed sum. The garden-style community is located at 15199 SW Royalty Parkway in Tigard. The community is currently 96 percent occupied. The team will execute a capital improvement program to address deferred maintenance, enhance curb appeal and upgrade certain interior features, as and well as common-area amenities. Unit upgrades will include updated lighting and plumbing fixtures, blinds, stainless steel appliances, new countertops and flooring. Common-area upgrades include clubhouse modernization, fitness center expansion and pool deck enhancements.
REDMOND, ORE. – Logan’s Market has leased 42,000 square feet at Nolan Town Center in Redmond. The Class A shopping center is located at 2276 SW Highland Ave. It was built in 2005. Logan’s will occupy the space of former anchor Ray’s Food Place, which went bankrupt in 2013. NTC went into foreclosure soon thereafter. Though Logan’s Market will be owned and operated as one store, it will also feature TrueValue Hardware. The new location should open this December. The store will join existing tenants like McDonald’s, Starbucks, Great Clips and Country Financial. Logan’s was represented by the Pennbrook Company. Nolan Town Center was represented by court-appointed receiver H. Roger Qualman of NAI Norris, Beggs & Simpson.
