PORTLAND-The Portland-Vancouver apartment market is "poised for growth upon economic recovery," according to a mid-year report by Marcus & Millichap. Only 900 units were delivered over the previous 12 months and only a few hundred more than that are scheduled for delivery over the next 12 months, according to the report.
ROSEBURG, OR-The subsidiary of locally based Umpqua Holdings Corp., a publicly traded company, buys land here adjacent one of its retail locations for development of a training and support building to complement its Downtown headquarters.
SALEM, OR-The state agency, forced by the state Legislature to sell its Downtown Portland headquarters and relocate to the state's capital, signs a five-year, $104,000-per-month lease for a yet-to-be built 70,000-sf building on Cherry Avenue Northeast at Salem Parkway. The agency will eventually locate itself in a state-owned building on the Capital Mall.
PORTLAND-Following a $9-million makeover of the former state office building and its rapid lease up, Mark Group Partnership No. 6 secured $13.7 million in long-term financing from IDS Life Insurance Co. that carries an interest rate of about 7.5%.
ROSEBURG, OR-The facility would be built out of a former grocery store that anchors a mostly vacant strip center owned by a woman from California. The city is offering up all the incentives it can muster to try and close the deal.
WASHOUGAL, WA-Under the proposal, a developer would pay 11 cents per sf for each new commercial building. The money would go to support an expansion of the city's fire department. The city council will vote on the fee July 15.
PORTLAND-On a continuing mission to connect the north and south park blocks in Downtown Portland, Fox Tower developer Tom Moyer pays $2.4 million for the Old Cornelius Hotel, a largely uninhabitable building located at 801-809 SW Alder St. in Downtown Portland.
PORTLAND-The law firm's managing partner tells GlobeSt.com it got fairly competitive near the finish line, but adding to its 15 years in Pacwest Center was ultimately the least expensive option. The firm rolled the final two years of their existing 84,000-sf lease into a new, 12-year deal valued at around $27 million.
PORTLAND-The PDC holds $115 million in outstanding loans for 300 multifamily housing projects comprising close to 9,000 mostly low-income units. The owners of 51 of those projects have expressed interest in restructuring their debts.
HILLSBORO, OR-Summit Properties, a family-run operation that owns nearly 1 million sf of industrial property in the region, acquires two tilt-up warehouses on NW Wagon Way in Hillsboro for $4.05 million. The buildings are net leased to a company owned by the seller.
