Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/888015
C A L I F O R N I A & H A WA I I 22 • October 2017 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T JV BUYS NIMBUS OAKS BUSINESS PARK IN BEAVERTON BEAVERTON, ORE. — A joint ven- ture between Vista Investment Group and Acre Valley Real Estate Capi- tal has purchased Nimbus Oaks, a 171,828-square-foot flex/business park in Beaverton, for an undisclosed sum. The park is located at 9000-9560 SW Nimbus Ave. in the 217 Corridor submarket. Notable tenants at Nim- bus Oaks include XO Communica- tions, Opus Agency, Kingcom and the Northwest Regional Education Ser- vice District. The asset was built be- tween 1984 and 1985. Andrew Kirsh of Sklar Kirsh represented Vista in this transaction. Kidder Matthews will handle leasing and property manage- ment. PCCP, CAPSTONE PARTNERS TO DEVELOP MILL CREEK LOGISTICS CENTER IN SALEM SALEM, ORE. — A joint venture be- tween PCCP and Capstone Partners has announced plans to develop Mill Creek Logistics Center, a 1-million- square-foot distribution facility in Salem. The facility is situated in the Mill Creek Corporate Center, a 548- acre master-planned industrial park. The JV acquired the land in late Au- gust from the State of Oregon – De- partment of Administrative Services. Development has commenced on the 62-acre parcel with completion antici- pated in July 2018. Notable neighbor- ing tenants include Home Depot and FedEx. JV BUYS PEPSICO DISTRIBUTION CENTER IN PORTLAND PORTLAND, ORE. — A joint venture between Security Properties Devel- opment Company and Beijing Jade Investment Group has purchased the PepsiCo Distribution Center in Port- land for an undisclosed sum. The cen- ter is located between NE 25th and NE 27th avenues, and NE Holladay Street and NE Sandy Blvd. The JV plans to redevelop the five-acre urban proper- ty under the City of Portland's "Large Site Master Plan" designation, offer- ing market-rate and affordable hous- ing, office, retail and other product types over the next several years. ALTA CRYSTAL RESORT AT MT. RAINIER CHANGES HANDS ENUMCLAW, WASH. — The 23-suite Alta Crystal Resort at Mount Rainier in Enumclaw has sold to an unnamed buyer for an undisclosed price. The hotel is located at 68317 SR 410 East. The upscale select-service resort is situated near the Cascade Range ski area in Northwest Washington. Jo- seph P. Kennedy of Crystal Invest- ment Property represented the seller in this transaction. Crystal Investment is a member of Hotel Brokers Interna- tional. CAPITAL ONE PROVIDES $41.1 MILLION FINANCING, $5 MILLION CREDIT FACILITY FOR PRESTIGE CARE VANCOUVER, WASH. — Capital One has provided a $41.1 million first mortgage loan and a $5 million se- nior credit facility for Prestige Care, a Vancouver-based owner-operator. The company used the mortgage loan to acquire four senior housing and skilled nursing facilities in Washing- ton and Idaho, as well as to refinance three facilities it owns in Oregon and Washington. Together, the facilities total 751 units. Prestige will use the revolver to support general corporate purposes and working capital needs. Prestige is acquiring: • Colonial Vista in Wenatchee, Wash. • Hearthstone Cottage of Ellensburg in Ellensburg, Wash. • Hearthstone Cottage of East Wenatchee in East Wenatchee, Wash. • Karcher Estates in Nampa, Idaho The company is refinancing: • Coast Fork Nursing in Cottage Grove, Ore. • Oregon City in Oregon City, Ore. • Prestige Assisted Living at Hazel Dell in Vancouver, Wash. CARETRUST REIT ACQUIRES 13 SKILLED NURSING FACILITIES IN PACIFIC NORTHWEST FOR $97 MILLION Visit northmarq.com for daily rates, expert views, recent transactions and more! D E N V E R S E A T T L E L A S V E G A S L O S A N G E L E S P H O E N I X S A L T L A K E C I T Y S A N D I E G O S A N F R A N C I S C O NORTHMARQ CAPITAL, LLC - NE VADA LIC. #3728 As the nation's largest privately-owned servicer and provider of commercial real estate debt and equity, NorthMarq Capital has the strength and stability to execute transactions with certainty and deliver results that suit even the most unique needs. Your real estate financing should be built on "when"... not "if." PORTLAND ORE. — CareTrust REIT Inc. has agreed to acquire 13 skilled nursing facilities in three separate transactions for a total purchase price of $97 million. The properties are located in Idaho, Texas, Oregon and Washington. In the first transaction, Care- Trust has acquired three skilled nursing facilities in Idaho as part of a staged, seven-facility portfo- lio transaction. When completed, the full portfolio price will be $65.5 million, which CareTrust funded with cash on hand and its $400 million unsecured revolving credit facility. The full transaction is scheduled for completion by the end of the year. The seven properties, which total 571 beds, will all be added to Care- Trust's master lease with Cascadia Healthcare LLC. CareTrust fore- casts an annual cash rent of about $5.9 million from the portfolio. In the second transaction, Care- Trust acquired Wellspring Health and Rehabilitation of Cascadia, a 53-bed skilled nursing facility in Nampa, Idaho; Secora Health and Rehabilitation of Cascadia, a 120- bed skilled nursing facility in Port- land, Ore.; and Brookfield Health and Rehabilitation of Cascadia, an 83-bed skilled nursing facility in Battle Ground, Wash. CareTrust bought the proper- ties for $11.3 million and added all three to the same master lease with Cascadia Healthcare. CareTrust ex- pects an annual cash rent of $1.1 million from the three facilities. The Cascadia master lease has a remaining initial term of about 13.5 years, with two five-year renewal options and CPI-based rent escala- tors. In the final transaction, Care- Trust acquired three skilled nursing facilities totaling 405 beds in the Dallas-Fort Worth Metroplex. The purchase price was $20.2 million. The facilities were added to Care- Trust's master lease with affiliates of Priority Management Group. CareTrust predicts an annual cash rent of $1.9 million from the three properties. The amended PMG master lease has a remaining initial term of about 14 years, with two five-year renewal options and CPI-based rent escalators. CareTrust REIT is a publicly trad- ed real estate investment trust that owns, acquires and leases seniors housing and healthcare-related properties.