Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A & H A WA I I 28 • October 2016 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T PCCP, CAPSTONE PARTNERS COMMENCE CONSTRUCTION ON PDX LOGISTICS CENTER III IN PORTLAND PORTLAND, ORE. — A joint venture between PCCP and Capstone Partners has commenced construction on PDX Logistics Center III, a 257,120-square- foot industrial complex in Portland. The two-building property will be situated about one-half mile from the air cargo entrance at Portland Inter- national Airport and just three miles from Interstate 205. DX Logistics Center III is designed to attract smaller, local distribution us- ers with space needs averaging about 45,000 square feet and requiring office build-outs. Construction is scheduled for completion next August. SIENNA POINTE IN BEND SELLS FOR $23.7 MILLION BEND, ORE. — The 168-unit Sienna Pointe apartment community in Bend has sold to a private investor from Louisiana for $23.7 million. The com- munity 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 rep- resented the seller, Oregon Pacific, in this transaction. CBRE ARRANGES $60 MILLION ACQUISITION LOAN FOR FOUR-PROPERTY PORTFOLIO IN METRO SEATTLE SEATTLE — CBRE has arranged $60 million in acquisition financing for a joint venture between Capitol Seniors Housing and the Carlyle Group. The JV will use the funds to purchase a four-property seniors housing portfo- lio throughout the Seattle metro area. The four communities total 368 units of assisted living and indepen- dent living. Following the acquisi- tion, MBK Senior Living will operate all the properties. The seller and the names of the four properties were not disclosed. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. Total loan proceeds include a loan of $51.9 million for the acquisition of the property along with $8 million for planned capital improvements. Aron Will of CBRE National Senior Housing arranged the financing. NHI BUYS THREE FIRCREST COMMUNITIES IN OREGON MCMINNVILLE, ORE. — National Health Investors has purchased the entire portfolio of FirCrest Communi- ty Living for $36.6 million. The trans- action included three seniors housing communities, all located in McMin- nville, about 35 miles southwest of Portland. The three facilities are located with- in 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 repre- sented the seller in the transaction, which included FirCrest Community, Maple Valley and Cherrywood Mem- ory 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 per- cent plus annual fixed escalators. With the three new communities, NHI now leases seven seniors housing commu- nities to Chancellor. NHI, a publicly traded healthcare REIT based in Tennessee, funded the acquisition with its revolving credit facility. PDX Logistics Center III will be a 257,120-square-foot industrial complex in Portland. public auction 9 idaho properties 25 y ears ears 1991 - 2016 y idaho state board of land commissioners commercial buildings & land 208.378.4600 | tokcommercial.com | boise, idaho great upside potential Well maintained 34,207 sf office building in downtown boise within walking distance to the capitol building. downtown location with parking fully leased single tenant property. Walking distance to the capitol campus, restaurants, shopping and services. high profile location extensively remodeled in 2012. northeast corner of bannock & 9th streets. fully leased (long-term) retail building. leased to strong national tenant located near the idaho falls idaho national laboratory campus. built in 2008 with 2010 renovations. ample parking. affordable storage boise ideally situated in central boise institutional quality asset. 417 unit self-storage facility on 6.96 acres. 95.2% occupied with a strong rental history. fully occupied multi-tenant office bldg. excellent downtown location. covered parking on site. tenants include st. luke's & idaho public utilities commission. for more details and to vieW all properties being auctioned - register noW! www.idahodisposition.com battelle energy idaho falls 10 barrel brewing boise garro building boise central washington boise 590 washington st. boise

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