PORTLAND—–Zeller Realty Group recently acquired Umpqua Bank Plaza in downtown Portland. Zeller Realty Group acquired the 298,176 square foot class A tower situated on the western shore of the Willamette River from Shorenstein Properties. Zeller Realty Group has hired Cushman & Wakefield to perform a multiple scope of services including project leasing and project management. The acquisition of Umpqua Bank Plaza marks ZRG's first owned asset west of Denver, CO. Serving as the long-time corporate headquarters of Umpqua Bank which occupies several of the 18 floors of office space in the tower, the class A asset is prominently located along the waterfront at 1 SW Columbia Street at the immediate west end of the Hawthorne Bridge. The property was originally developed in 1974 but recently underwent renovation in 2015.

PORTLAND—–Kidder Mathews has closed a $20.15-million sale of the Muse apartments, a 58-unit, new construction, mid-rise apartment in NW Portland. The seller, locally based, Gerding Edlen, is one of the nation's leading real estate investment and development firms focused on urban infill, transit-oriented, and highly sustainable office, apartment, and mixed-use properties. The buyer is a private investment group based in Santa Clara, CA. Kidder Mathews commercial real estate brokers, Jordan Carter, Clay Newton, Tyler Linn, and Joe DeJager, marketed and brokered the transaction out of the firm's Portland office. Muse was completed in late 2016 and was 44% leased at the time of sale. The six-story building was designed by GBD Architects and built by R&H Construction. It is certified LEED Platinum and consists of a mix of studio, one-bedroom, and two-bedroom units.

Below is GlobeSt.com's bi-weekly update on the middle markets throughout the North West region. Here's a look at the latest news, announcements and deals that you may have missed from areas including: Alaska, Washington, Oregon, Idaho, and Northern California.

NEWS & NOTABLES

SEATTLE—One of Silicon Valley's largest workplace design and office furniture companies InsideSource is deepening its connection to its technology-based clientele by merging with Seattle-based Commercial Office Interiors. The combined company will continue to operate from its location at 2601 4^th Avenue in Seattle and retain all Commercial Office Interiors employees including local leadership. Terms of the new business formation were not disclosed. The Seattle office will do business as Commercial Office Interiors, an InsideSource Co. The InsideSource's expansion into Seattle follows its 2014 growth into San Francisco with the merger of Young Office and a 2015 opening in San Jose. Combined, InsideSource now has approximately 200 employees in sales, management, administration, design services, project management and operations. The company is headquartered at 985 Industrial Road in San Carlos.

DEALTRACKER

EAGLE, ID—Hunt Mortgage Group has provided a $9.2-million Freddie Mac loan to enable the acquisition of a multifamily property located in Eagle, ID. The transaction was sourced by Terry Painter at Business Loan Store. Eagle River Apartments is an 80-unit, garden-style apartment facility located at 827 East Riverside Drive. The property is situated on a 5.38-acre site and has 20 one-bedroom, 40 two-bedroom, and 20 three-bedroom units in six, two-story apartment buildings. The borrower is Eagle Riverside LLC and #308 Pioneer Exchange Accommodation Titleholder LLC as tenants in common. The loan is structured with a seven-year term.

PORTLAND—Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has sold a 21-story, 284-unit Yard apartment tower in Portland. The development of this asset was completed in August 2016, sold pre-stabilization with 50% of the apartments leased, and is the largest multifamily sale to date in Portland's urban core. Davis, located in IPA's Portland office, exclusively represented the seller, Block 67 LLC. Pete Shelton and Kim Grant, both located in IPA's Seattle, Washington office, assisted Davis. Philip Saglimbeni, an IPA executive director, along with Davis, procured the buyer, Land and Houses, a subsidiary of a Bangkok-based investment firm and first-time investor in the Portland market. Yard is part of the Portland Development Commission's Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. The architect is Skylab Architecture, which is known for ground-breaking design. Yard is located at 22 N.E. 2nd Avenue in a former industrial neighborhood in Portland's east side. The building has an elevated podium ecoroof that engages the pedestrian platform on the Burnside Bridge. Yard includes 26,000 square feet of commercial retail space and a public parking garage, and it holds a LEED silver certification.

PORTLAND—–Zeller Realty Group recently acquired Umpqua Bank Plaza in downtown Portland. Zeller Realty Group acquired the 298,176 square foot class A tower situated on the western shore of the Willamette River from Shorenstein Properties. Zeller Realty Group has hired Cushman & Wakefield to perform a multiple scope of services including project leasing and project management. The acquisition of Umpqua Bank Plaza marks ZRG's first owned asset west of Denver, CO. Serving as the long-time corporate headquarters of Umpqua Bank which occupies several of the 18 floors of office space in the tower, the class A asset is prominently located along the waterfront at 1 SW Columbia Street at the immediate west end of the Hawthorne Bridge. The property was originally developed in 1974 but recently underwent renovation in 2015.

PORTLAND—–Kidder Mathews has closed a $20.15-million sale of the Muse apartments, a 58-unit, new construction, mid-rise apartment in NW Portland. The seller, locally based, Gerding Edlen, is one of the nation's leading real estate investment and development firms focused on urban infill, transit-oriented, and highly sustainable office, apartment, and mixed-use properties. The buyer is a private investment group based in Santa Clara, CA. Kidder Mathews commercial real estate brokers, Jordan Carter, Clay Newton, Tyler Linn, and Joe DeJager, marketed and brokered the transaction out of the firm's Portland office. Muse was completed in late 2016 and was 44% leased at the time of sale. The six-story building was designed by GBD Architects and built by R&H Construction. It is certified LEED Platinum and consists of a mix of studio, one-bedroom, and two-bedroom units.