DEALTRACKER

PORTLAND—Real Development Corp. recently sold Collective Portland, a 52-unit, urban multi-housing community, for $10.65 million. The buyer, a private investor, purchased the property for $204,808 per unit. Kidder Mathews multifamily commercial real estate brokers Tyler Linn, Clay Newton, and Jordan Carter represented both the seller and the buyer in the transaction. Built in 1945, Collective Portland is composed of three two-story brick buildings in a garden courtyard setting on 1.6 acres. The apartments were 95% occupied at the time of the sale. Collective has an area Walk score® of 87, and Transit Score® 87.

SAN FRANCISCO—Dennis Sidbury, senior vice president of NorthMarq Capital's San Francisco regional office and Robert Hervey, senior managing director of NorthMarq Capital's Los Angeles regional office collaborated to secure the $10 million refinance of Almaden Square, a 89,174-square-foot retail property located at 5650 Almaden Expressway in San Jose, CA. The transaction was structured with a 10-year initial term (call) on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Toys R' Us and World Market (Cost Plus), represent the property's major tenants.

SEATTLE—Union Investment has acquired the Hilton Garden Inn hotel in downtown Seattle, which opened in 2015, for approximately $90 million. The property is located at 1821 Boren Avenue and is the company's first hotel acquisition on the West Coast of the US. The Hamburg-based real estate investment manager has already acquired three first-class hotels in Boston, Chicago and New York City since 2015. Touchstone, a Seattle-based company, developed the hotel, which opened in June 2015. The hotel in Seattle has 222 rooms, including six exclusive suites, across approx. 153,000 sq ft of usable space. The building is let on a 30-year lease and is a further addition to Union Investments open-ended real estate fund Unilmmo: Europa, which has been invested in Seattle since 2003 and keeps two office properties in the city.

PORTLAND—Sonnenblick-Eichner Company has arranged $28.125 million in first mortgage debt from a money center bank to refinance a portfolio of single-tenant ShopKo stores located in Bend, Eugene and Salem, OR. The retail properties are located at the dominant intersection within their respective trade areas. ShopKo Bend is located on Highway 97 adjacent to the Bend River Promenade Mall, which is anchored by Macy's, Kohl's and T.J. Maxx; ShopKo Eugene is located on Coburg Road at Beltline across from a Costco, PetSmart and Office Depot; and ShopKo Salem is located at South Lancaster interchange and Interstate-5 across from WinCo Foods, Sportsman's Warehouse, Home Depot and Ashley Furniture. “The non-recourse 10-year financing price was below 5% and replaces a maturing long-term loan,” said Sonnenblick-Eichner Company Principal Elliot Eichner. Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added, “We were successful in structuring a loan that will mature upon the expiration of the tenant leases.”

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

NEWS & NOTABLES

SEATTLE—Scott Blankenship has joined CBRE Group as SVP, along with Kathleen “KT” Taylor, Senior Associate, in the Downtown Seattle office to complement its Seattle-area retail leasing business. Blankenship and Taylor work with both retailers and property investors, representing numerous national and global clients in the Seattle area and handling leasing at numerous major shopping centers from development to completion. Blankenship has over 26 years of commercial real estate experience, specializing in tenant and landlord representation with an emphasis on retail/office leasing and investment sales. Previously, he served as president of the Brokerage Division of Wallace Properties, Inc., and was the founder and CEO of Cascade Commercial Properties, LLC which merged with Wallace Properties in 2011. Blankenship has been involved in over 400 transactions – including both investment sales and leasing.

SACRAMENTO—JLL has added to its suburban market firepower with the appointment of respected experts Michael Stassi and Daniel Baker. With more than thirty years of combined market experience, Stassi and Baker have seen significant success representing several of Sacramento's most well-known and entrepreneurial developers as well as many large institutional owners and REITs. They continue to reinforce their relevancy in the market, having recently completed five value-add sale transactions totaling over 400,000 square feet. And more recently, Stassi and Baker successfully represented Ryan Heater and Eva Hill in their partnership's acquisition of the highly desirable quarter city block at the northwest corner of 9th and L Street in downtown Sacramento.

DEALTRACKER

PORTLAND—Real Development Corp. recently sold Collective Portland, a 52-unit, urban multi-housing community, for $10.65 million. The buyer, a private investor, purchased the property for $204,808 per unit. Kidder Mathews multifamily commercial real estate brokers Tyler Linn, Clay Newton, and Jordan Carter represented both the seller and the buyer in the transaction. Built in 1945, Collective Portland is composed of three two-story brick buildings in a garden courtyard setting on 1.6 acres. The apartments were 95% occupied at the time of the sale. Collective has an area Walk score® of 87, and Transit Score® 87.

SAN FRANCISCO—Dennis Sidbury, senior vice president of NorthMarq Capital's San Francisco regional office and Robert Hervey, senior managing director of NorthMarq Capital's Los Angeles regional office collaborated to secure the $10 million refinance of Almaden Square, a 89,174-square-foot retail property located at 5650 Almaden Expressway in San Jose, CA. The transaction was structured with a 10-year initial term (call) on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Toys R' Us and World Market (Cost Plus), represent the property's major tenants.

SEATTLE—Union Investment has acquired the Hilton Garden Inn hotel in downtown Seattle, which opened in 2015, for approximately $90 million. The property is located at 1821 Boren Avenue and is the company's first hotel acquisition on the West Coast of the US. The Hamburg-based real estate investment manager has already acquired three first-class hotels in Boston, Chicago and New York City since 2015. Touchstone, a Seattle-based company, developed the hotel, which opened in June 2015. The hotel in Seattle has 222 rooms, including six exclusive suites, across approx. 153,000 sq ft of usable space. The building is let on a 30-year lease and is a further addition to Union Investments open-ended real estate fund Unilmmo: Europa, which has been invested in Seattle since 2003 and keeps two office properties in the city.

PORTLAND—Sonnenblick-Eichner Company has arranged $28.125 million in first mortgage debt from a money center bank to refinance a portfolio of single-tenant ShopKo stores located in Bend, Eugene and Salem, OR. The retail properties are located at the dominant intersection within their respective trade areas. ShopKo Bend is located on Highway 97 adjacent to the Bend River Promenade Mall, which is anchored by Macy's, Kohl's and T.J. Maxx; ShopKo Eugene is located on Coburg Road at Beltline across from a Costco, PetSmart and Office Depot; and ShopKo Salem is located at South Lancaster interchange and Interstate-5 across from WinCo Foods, Sportsman's Warehouse, Home Depot and Ashley Furniture. “The non-recourse 10-year financing price was below 5% and replaces a maturing long-term loan,” said Sonnenblick-Eichner Company Principal Elliot Eichner. Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added, “We were successful in structuring a loan that will mature upon the expiration of the tenant leases.”