NEWS & NOTABLES

SAN FRANCISCO—CBRE Group Inc. appointed Chris Connelly to serve as president of the Mountain-Northwest Division. In this role, Connelly will have executive oversight for the Bay Area, Sacramento/Reno, Seattle, Portland, Phoenix/Tucson, Denver, Salt Lake City, Las Vegas and Albuquerque. A long-time leader for CBRE in the Americas Region, Connelly was previously president of the Midwest Division, which is comprised of 11 offices including the region's flagship operations in Chicago. Previously, Connelly held various leadership positions of increasing responsibility at CBRE in the Chicago area, including leading the company's downtown Chicago office. In 2011, Connelly took over responsibilities for the Greater Chicago Region as executive managing director, before being promoted to president for the Midwest Division in mid-2015. He began his career at LaSalle Partners, specializing in industrial, land and office brokerage. He then served as senior vice president and regional leasing director for Jones Lang LaSalle, with responsibility for that company's suburban Chicago office and Midwest office practice.
DEAL TRACKER

SEATTLE— SteelWave, a full-service commercial real estate management and operating company, has sold Evergreen Office Park in Bellevue, WA for $21.4 million to Pacific Coast Capital Partners, a real estate investment management company. Kidder Mathews commercial real estate brokers, Andy Miller, Joe Lynch, and Dan Harden, represented SteelWave in the transaction. Evergreen Office Park consists of two office buildings located at 10940 & 11000 NE 33rd Place in Bellevue, WA, close to SR 520, the main thoroughfare connecting the Eastside to Seattle. Pacific Coast Capital Partners plans to make significant capital improvements to the common areas of the office park, including new tenant amenities.

PORTLAND—Superwinch LLC has signed a new lease at Koch Corporate Center in Tualatin for 38,812 square feet of space targeted for occupancy in early May 2017. Cara Nolan, Vice President of CBRE Portland's office, represented the tenant in the transaction. Koch Corporate Center is a 533,475-square-foot industrial park located at SW 115th and Tualatin-Sherwood Road. It was developed in three phases by Portland-based developer/owner PacTrust. To accommodate growth, Superwinch is building a new state-of-the-art winch design and manufacturing facility in Oregon to complement existing facilities in Connecticut and the United Kingdom. The new facility will become the company's corporate headquarters and will include both assembly and distribution of new product. The new facility at Koch Corporate Center is currently under construction and expected to be complete in April of 2017. Located in the Koch facility at 20750 SW 115th Ave, Tualatin, OR 97062, the plant will serve as the brand's world headquarters.

SEATTLE—Colliers International has represented Champion Real Estate's $24 million purchase of the 73-unit Union Bay Apartments here in Seattle. Union Bay is located in Seattle's South Lake Union neighborhood. Built in 1994, Union Bay is an irreplaceable asset, according to a prepared release. Spacious units, ample parking and the largest residential roof deck in South Lake Union make Union Bay “a remarkable purchase for Champion Real Estate.” South Lake Union is one of the fastest-growing global technology and bioscience hubs on the West Coast. Union Bay is a few minutes' walk to retail giant Amazon's Global HQ, as well as Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research, and Zymogenetics.

OAKLAND—NAI Northern California, a member of the world's premier managed network of commercial real estate firms, recently revealed the purchase and sale of a 16-unit Mixed-use retail and residential property located at 509 Sycamore St. in Oakland, CA. VP Shivu Srinivasan represented both the seller and buyer in the $3.96 million dollar sale of the property. Built in 1920, 509 Sycamore St. is a 16-unit mixed-use building consisting of three ground level retail spaces as well as 13 residential units including 4 studios, 7 1-Bed/1-Bath units, and 2 2-Bed/1-Bath units. Located in Oakland's Uptown neighborhood, the property is in close proximity to public transportation, Lake Merritt, Downtown Oakland, and various local amenities. The prime location, significant growth within the neighborhood, and the opportunity for a stable asset with significant upside resulted in increased interest from investors for this value-add opportunity.

PORTLAND—A private investment group based in Santa Clara, CA, has purchased the Corbett Heights apartments in Portland, Oregon for $15 million. The seller was the Newman Development Group, headquartered in New York. Kidder Mathews multifamily commercial real estate brokers, Jordan Carter, Clay Newton, and Tyler Linn, brokered the transaction out of the firm's Portland office. Built in 2016, Corbett Heights is certified Earth Advantage Gold and consists of 48 units throughout six stories. Hoffman Construction built the property and it is currently managed by Pinnacle, who will continue to provide management for the new owner. The building was 98% occupied at the time of sale. Located at 3916 SW Corbett Avenue, Corbett Heights is situated in the heart of SW Portland, close to South Waterfront, OHSU's campuses, and is minutes from downtown Portland. It was designed with high-end modern finishes and amenities throughout its studio, one-bedroom, and two bedroom units. Each unit offers sweeping panoramic views of the city skyline, Mt. Hood, and the Willamette River.

PORTLAND—Lighthouse Partners LLC has successfully acquired the 57-unit community called the Northwood Apartments in Portland for $14 million. The Northwood Apartments represent Lighthouse Partner's fifth acquisition and first in Oregon. Joe Nydahl and Phil Oester of Berkadia represented the seller in the transaction. Debt financing from RAIT Financial Trust was arranged by Clay Akiwenzie and Rick Salinas of Berkadia Finance. John Fuller of TICOR Title provided the title and escrow services. Apartment Management Consultants has been retained to provide property management services. Located in North Portland's vibrant and growing Kenton neighborhood, Northwood residents enjoy easy access to outdoor recreation, local food, and culture. In designing Northwood, Portland-based SERA architects drew from Kenton's pioneering spirit to create a building that highlights the best of Oregon. The property was constructed in late-2015 utilizing top-of-the line finishes and modern systems; which help earn the desirable Earth Advantage Platinum Rating. Northwood offers residents all the modern amenities and finishes to be expected with any newly constructed property. Community features include resident elevators, secure bike parking, pet washing station, library with complimentary Wi-Fi, garden area, and secured onsite parking.

BUILDING BLOCKS

PORTLAND—The partnership of Winkler Development and Watumull Properties Corp. recently unveiled plans for its new project The Hopper, a repurposed modern industrial campus totaling 167,000 square feet on 5.3 acres in Portland. Located at 2000 NW Wilson in the city's northwest district, the campus will be recognized as one of the few available urban industrial campuses in close proximity to a central business district to be found along the West Coast's Interstate 5 Corridor. The project is slated to be available to occupants in the third quarter of 2017. Cushman & Wakefield's Portland office, led by industry veteran Brad Carnese along with Aaron Watt and Mark Carnese, is currently marketing the project on behalf of Winkler-Watumull. Formerly the site of Cenveo's printing plant, the building was initially developed in phases during the 1960s through the 1980s. The Hopper will offer the potential for future configurations that can accommodate a single user headquarters campus or as a multi-tenant facility that could comfortably house up to three tenants. The property's General Industrial (IG1) zoning by the City of Portland will allow for a broad range of industrial and supporting office uses. The building is also located within the city's E-Commerce Enterprise Zone providing additional economic incentives and benefits to potential occupants.

PORTLAND—Urban Renaissance Group and Security Properties have purchased the Press Blocks buildings in Portland from Advance Publications, the parent company of the Oregonian newspaper. Purchase price for the properties was $20.5 million. Demolition of the existing buildings is planned to begin prior to year-end with construction of the three-building project slated for completion in mid 2020. Located at 817 SW 17^th Ave., the one-and-a-half block site in Portland's historic Goose Hollow district is designed to include an active mix of residential and commercial uses, leading the transformation from what was once manufacturing and distribution to a new urban hub. The proposed development will include an eight-story office building, a high-rise residential apartment building and a 41,000-square-foot pavilion building with 14,000-square feet of ground floor commercial space and two floors of creative office.

This week in the North West region, the deals seem to all be happening in Portland. Check out all the news you might have missed below.—Natalie Dolce

BY THE NUMBERS

SEATTLE—Home values rose 6.8% from last December, the fastest annual pace of the year, according to locally based Zillow. The Zillow Home Value Index is $193,800, just below the highest value set in April 2007, according to the December Zillow Real Estate Market Reports.

Home value appreciation slowed slightly in Portland, but remains the fastest in the nation, up 13.8 percent from last December. Tampa, Seattle and Dallas saw similarly high home value growth, with home values growing nearly 12% from a year ago. Hot home values characterized 2016 all the way to the end—and they show no sign of slowing in 2017, the report says. The fastest rent appreciation occurred along the West Coast. Seattle led the nation in rising rents, with rents growing 8.4 percent in December, followed by Portland and Sacramento.

NEWS & NOTABLES

SAN FRANCISCO—CBRE Group Inc. appointed Chris Connelly to serve as president of the Mountain-Northwest Division. In this role, Connelly will have executive oversight for the Bay Area, Sacramento/Reno, Seattle, Portland, Phoenix/Tucson, Denver, Salt Lake City, Las Vegas and Albuquerque. A long-time leader for CBRE in the Americas Region, Connelly was previously president of the Midwest Division, which is comprised of 11 offices including the region's flagship operations in Chicago. Previously, Connelly held various leadership positions of increasing responsibility at CBRE in the Chicago area, including leading the company's downtown Chicago office. In 2011, Connelly took over responsibilities for the Greater Chicago Region as executive managing director, before being promoted to president for the Midwest Division in mid-2015. He began his career at LaSalle Partners, specializing in industrial, land and office brokerage. He then served as senior vice president and regional leasing director for Jones Lang LaSalle, with responsibility for that company's suburban Chicago office and Midwest office practice.
DEAL TRACKER

SEATTLE— SteelWave, a full-service commercial real estate management and operating company, has sold Evergreen Office Park in Bellevue, WA for $21.4 million to Pacific Coast Capital Partners, a real estate investment management company. Kidder Mathews commercial real estate brokers, Andy Miller, Joe Lynch, and Dan Harden, represented SteelWave in the transaction. Evergreen Office Park consists of two office buildings located at 10940 & 11000 NE 33rd Place in Bellevue, WA, close to SR 520, the main thoroughfare connecting the Eastside to Seattle. Pacific Coast Capital Partners plans to make significant capital improvements to the common areas of the office park, including new tenant amenities.

PORTLAND—Superwinch LLC has signed a new lease at Koch Corporate Center in Tualatin for 38,812 square feet of space targeted for occupancy in early May 2017. Cara Nolan, Vice President of CBRE Portland's office, represented the tenant in the transaction. Koch Corporate Center is a 533,475-square-foot industrial park located at SW 115th and Tualatin-Sherwood Road. It was developed in three phases by Portland-based developer/owner PacTrust. To accommodate growth, Superwinch is building a new state-of-the-art winch design and manufacturing facility in Oregon to complement existing facilities in Connecticut and the United Kingdom. The new facility will become the company's corporate headquarters and will include both assembly and distribution of new product. The new facility at Koch Corporate Center is currently under construction and expected to be complete in April of 2017. Located in the Koch facility at 20750 SW 115th Ave, Tualatin, OR 97062, the plant will serve as the brand's world headquarters.

SEATTLE—Colliers International has represented Champion Real Estate's $24 million purchase of the 73-unit Union Bay Apartments here in Seattle. Union Bay is located in Seattle's South Lake Union neighborhood. Built in 1994, Union Bay is an irreplaceable asset, according to a prepared release. Spacious units, ample parking and the largest residential roof deck in South Lake Union make Union Bay “a remarkable purchase for Champion Real Estate.” South Lake Union is one of the fastest-growing global technology and bioscience hubs on the West Coast. Union Bay is a few minutes' walk to retail giant Amazon's Global HQ, as well as Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research, and Zymogenetics.

OAKLAND—NAI Northern California, a member of the world's premier managed network of commercial real estate firms, recently revealed the purchase and sale of a 16-unit Mixed-use retail and residential property located at 509 Sycamore St. in Oakland, CA. VP Shivu Srinivasan represented both the seller and buyer in the $3.96 million dollar sale of the property. Built in 1920, 509 Sycamore St. is a 16-unit mixed-use building consisting of three ground level retail spaces as well as 13 residential units including 4 studios, 7 1-Bed/1-Bath units, and 2 2-Bed/1-Bath units. Located in Oakland's Uptown neighborhood, the property is in close proximity to public transportation, Lake Merritt, Downtown Oakland, and various local amenities. The prime location, significant growth within the neighborhood, and the opportunity for a stable asset with significant upside resulted in increased interest from investors for this value-add opportunity.

PORTLAND—A private investment group based in Santa Clara, CA, has purchased the Corbett Heights apartments in Portland, Oregon for $15 million. The seller was the Newman Development Group, headquartered in New York. Kidder Mathews multifamily commercial real estate brokers, Jordan Carter, Clay Newton, and Tyler Linn, brokered the transaction out of the firm's Portland office. Built in 2016, Corbett Heights is certified Earth Advantage Gold and consists of 48 units throughout six stories. Hoffman Construction built the property and it is currently managed by Pinnacle, who will continue to provide management for the new owner. The building was 98% occupied at the time of sale. Located at 3916 SW Corbett Avenue, Corbett Heights is situated in the heart of SW Portland, close to South Waterfront, OHSU's campuses, and is minutes from downtown Portland. It was designed with high-end modern finishes and amenities throughout its studio, one-bedroom, and two bedroom units. Each unit offers sweeping panoramic views of the city skyline, Mt. Hood, and the Willamette River.

PORTLAND—Lighthouse Partners LLC has successfully acquired the 57-unit community called the Northwood Apartments in Portland for $14 million. The Northwood Apartments represent Lighthouse Partner's fifth acquisition and first in Oregon. Joe Nydahl and Phil Oester of Berkadia represented the seller in the transaction. Debt financing from RAIT Financial Trust was arranged by Clay Akiwenzie and Rick Salinas of Berkadia Finance. John Fuller of TICOR Title provided the title and escrow services. Apartment Management Consultants has been retained to provide property management services. Located in North Portland's vibrant and growing Kenton neighborhood, Northwood residents enjoy easy access to outdoor recreation, local food, and culture. In designing Northwood, Portland-based SERA architects drew from Kenton's pioneering spirit to create a building that highlights the best of Oregon. The property was constructed in late-2015 utilizing top-of-the line finishes and modern systems; which help earn the desirable Earth Advantage Platinum Rating. Northwood offers residents all the modern amenities and finishes to be expected with any newly constructed property. Community features include resident elevators, secure bike parking, pet washing station, library with complimentary Wi-Fi, garden area, and secured onsite parking.

BUILDING BLOCKS

PORTLAND—The partnership of Winkler Development and Watumull Properties Corp. recently unveiled plans for its new project The Hopper, a repurposed modern industrial campus totaling 167,000 square feet on 5.3 acres in Portland. Located at 2000 NW Wilson in the city's northwest district, the campus will be recognized as one of the few available urban industrial campuses in close proximity to a central business district to be found along the West Coast's Interstate 5 Corridor. The project is slated to be available to occupants in the third quarter of 2017. Cushman & Wakefield's Portland office, led by industry veteran Brad Carnese along with Aaron Watt and Mark Carnese, is currently marketing the project on behalf of Winkler-Watumull. Formerly the site of Cenveo's printing plant, the building was initially developed in phases during the 1960s through the 1980s. The Hopper will offer the potential for future configurations that can accommodate a single user headquarters campus or as a multi-tenant facility that could comfortably house up to three tenants. The property's General Industrial (IG1) zoning by the City of Portland will allow for a broad range of industrial and supporting office uses. The building is also located within the city's E-Commerce Enterprise Zone providing additional economic incentives and benefits to potential occupants.

PORTLAND—Urban Renaissance Group and Security Properties have purchased the Press Blocks buildings in Portland from Advance Publications, the parent company of the Oregonian newspaper. Purchase price for the properties was $20.5 million. Demolition of the existing buildings is planned to begin prior to year-end with construction of the three-building project slated for completion in mid 2020. Located at 817 SW 17^th Ave., the one-and-a-half block site in Portland's historic Goose Hollow district is designed to include an active mix of residential and commercial uses, leading the transformation from what was once manufacturing and distribution to a new urban hub. The proposed development will include an eight-story office building, a high-rise residential apartment building and a 41,000-square-foot pavilion building with 14,000-square feet of ground floor commercial space and two floors of creative office.