Oregon

Genworth Divests of The Gregory Office, Retail Building in Portland

by Amy Works October 10, 2023

PORTLAND, ORE. — Genworth has completed the sale of The Gregory, an office and retail asset located at 425 NW 10th Ave. in Portland. Jewell Capital purchased the asset for $5.7 million, or $121 per square foot. Constructed in 2001, The Gregory is part of a larger mixed-use project, including 133 condominiums that were not included in the sale. The acquisition totals 50,000 square feet of improvements with three floors of office space over street-level retail space. At the time of sale, The Gregory was 55 percent occupied by local retailers and a mix of professional office users in a variety of suite sizes. Darren Tappen, Sean McCarthy and Brandon O’Leary of Kidder Mathews represented the seller in the transaction.

October 10, 2023

Acquisitions Multifamily Oregon Seniors Housing Western

Blueprint Negotiates Acquisition of Five Seniors Housing Communities in Oregon

by Amy Works October 4, 2023

OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of five independent living, assisted living and memory care communities in Oregon. The portfolio consists of 468 total units with communities built in the 1980s and 1990s. The portfolio generated approximately $4.8 million in EBITDAR in 2022. The buyer was Arcus Healthcare Partners, which also assumed the existing Freddie Mac loan and current operator. The seller and price were not disclosed. The Blueprint team included Dan Mahoney, Michael Segal and Ben Firestone.

October 4, 2023

Acquisitions Multifamily Oregon Western

Trion Properties Divests of 52-Unit York Apartments in Tigard, Oregon

by Amy Works October 3, 2023

TIGARD, ORE. — Trion Properties has completed the disposition of York Apartments, a multifamily building in Tigard. An undisclosed buyer acquired the asset for $10.8 million, or $209,000 per unit. Located at 7582 SW Hunziker St., York Apartments features 52 units in a mix of three studio units, 48 two-bedroom/one-bath units and one four-bedroom/two-bathroom unit. Rob Marton of HFO Investment Real Estate represented the seller, while Greg Frick of HFO represented the buyer in the deal.

October 3, 2023

Acquisitions Office Oregon Western

Newmark Brokers Sale of 118,104 SF Leland James Office Building in Portland, Oregon

by Amy Works September 20, 2023

PORTLAND, ORE. — Newmark has brokered the sale of Leland James, a multi-tenant office building in Portland’s Slabtown District. Spear Street Capital acquired the fully occupied asset. Terms of the transaction were not released. Located at 2175 NW Raleigh St., the four-story Leland James building features 118,104 square feet of office space. Formerly a corporate office building, the property was redeveloped in 2018. The redevelopment included seismic upgrades, a new brick façade and the addition of a heavy timber penthouse level with an eco-roof, as well as new mechanical, electrical and plumbing systems. Nick Kucha, James Childress and Jakob Nicholls of Newmark represented the undisclosed seller in the deal. Dave Squire and Josh Williams of Newmark served as leasing advisors on behalf of the seller and helped bring the property to 100 percent occupancy.

September 20, 2023

Acquisitions Office Oregon Retail Western

Menashe Properties Buys Historic American Bank Building in Portland, Oregon for $13.6M

by Amy Works September 18, 2023

PORTLAND, ORE. — Portland-based Menashe Properties has acquired the American Bank Building, an office and retail building in Portland that on the National Register of Historic Places. The property traded for $13.6 million. Located at 621 SW Morrison St., American Bank Building features 183,735 square feet of office and retail space. Current tenants include CVS/pharmacy, Wells Fargo, Morgan Stanley and Greenleaf Juice Co. The property is adjacent to Pioneer Courthouse Square. Charles Safley of CBRE’s Pacific Northwest Capital Markets represented the undisclosed seller in the deal.

September 18, 2023

Loans Multifamily Oregon Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $15.2M Refinancing for Waterhouse Ridge Memory Care in Beaverton, Oregon

by Amy Works September 7, 2023

BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower. The loan will be seasoned for two years before a planned refinancing under the U.S. Department of Housing and Urban Development’s 232 Program.

September 7, 2023

Loans Multifamily Oregon Western

Dwight Mortgage Trust Provides $44M Bridge Loan for Timberview Apartments in Oregon City

by Amy Works August 31, 2023

OREGON CITY, ORE. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has funded a $44 million bridge loan for Timberview Apartments & Townhomes in Oregon City. Situated on 9.6 acres, the newly constructed community features 180 apartments spread across 11 residential buildings. Additionally, the property features a clubhouse with a lounge and fireplace, a fitness center, bike lounge, dog wash and pool with a sundeck. Proceeds from the bridge loan will be used to retire the existing construction debt. McBride Capital brokered the transaction for the borrower, Pahlisch Commercial.

August 31, 2023

7402-7410-SE-Johnson-Creek-Blvd-Portland-OR

Industrial Market Reports Oregon Western Western Market Reports

Portland’s Industrial Market Maintains the Balance

by Jeff Shaw August 25, 2023

— By Kenny Houser and Mike Hale, Principals, Capacity Commercial — The industrial real estate sector has experienced a noticeable deceleration with a decline in leasing and sales activities. This trend is particularly evident in Portland where commercial property sales transactions have been steadily decreasing. There was a quarter-over-quarter decline of almost 29 percent in the second quarter of 2023, resulting in a sales volume of $3.4 billion, the lowest recorded since late 2014. The Federal Reserve’s decision to pause its rate hike campaign in response to inflation concerns has impacted the market. With borrowing costs fluctuating, the disparity between buyer and seller expectations has created challenges in determining agreeable property valuations. Simultaneously, leasing activity has also slowed, indicating a return to normalcy in Portland’s industrial market. Total deal volume in the first quarter of this year reached about 1.7 million square feet, a 35 percent decrease compared to the average of 2.6 million square feet per quarter over the previous two years. Despite the slowdown in leasing, the limited amount of industrial space under construction in Portland is expected to maintain a balance between supply and demand. The current construction activity accounts for 1.1 percent of the total inventory, …

August 25, 2023

Acquisitions Multifamily Oregon Western

Abacus Capital Group Buys Lumina Apartments in Gresham, Oregon for $96.7M

by Amy Works August 24, 2023

GRESHAM, ORE. — An affiliate of Abacus Capital Group has acquired Lumina Apartments, a multifamily community located at 2700 W. Powell Blvd. in Gresham. Built in 1994 and most recently renovated in 2022, Lumina features 440 one-, two- and three-bedroom apartments spread across 20 residential buildings. All units feature large floor plans, in-unit laundry and private balconies or patios with storage. Community amenities include a resident lounge, fitness center, package lockers, business center, indoor and outdoor swimming pools, a sun deck with barbecue grills, playgrounds and a dog park. Additionally, the property offers 880 surface, carport and garage parking options. Joe Nydahl, Josh McDonald and Phil Oester of CBRE represented the undisclosed seller in the deal.

August 24, 2023

Acquisitions Oregon Retail Western

CBRE Arranges Sale of 146,888 SF Former Sears Property in Happy Valley, Oregon

by Amy Works August 23, 2023

HAPPY VALLEY, ORE. — CBRE has arranged the sale of a 146,888-square-foot property located in Happy Valley, a suburb of Portland. Sears formerly occupied the building, which is physically attached to the adjacent Clackamas Town Center mall, which totals 1.4 million square feet. Dick’s Sporting Goods partially backfilled the property in 2019 and opened in 2020 following the departure of Sears in 2018. The remainder of the building, including two 15,000-square-foot, ground-level spaces and a 64,000-square-foot upper-level space, remains vacant. Dino Christophilis and Daniel TIbeau of CBRE represented the undisclosed seller in the transaction. A Texas-based private investment group acquired the property for an undisclosed price.

August 23, 2023

Newer Posts

Older Posts