HFF closes $131.75 million sale of one of the largest open-air centers in Oregon

Jantzen Beach Center, Portland, OR           (Photo by Michael Walmsley)

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $131.75 million sale of Jantzen Beach Center, which, at 758,414 square feet, is one of the largest retail centers in the state of Oregon and the dominant shopping destination in Portland.

Nick Kassab

HFF marketed the property on behalf of the seller.  Kimco Realty Corp. purchased the center free and clear of any existing debt.  

Completed in 1972, Jantzen Beach Center has received more than $40 million in renovations and upgrades between 2010 and 2014.  

The center is 96 percent leased to a variety of national and regional retailers, including Best Buy, DSW, Ulta Beauty, T.J. Maxx, Panera Bread, Burlington, Home Depot, Petco, Michaels, Famous Footwear and Stanford’s Restaurant.

 Additionally, Target and Cracker Barrel occupy ground leases at the center.  Situated on 66.793 acres at 1405 Jantzen Beach Center in northern Portland near the Oregon-Washington border, the center pulls visitors from more than 70 miles due to Oregon not charging sales tax.

 Approximately 907,970 residents earning an average annual household income of more than $86,400 live in the center’s primary 10-mile trade area radius.

The HFF investment sales team representing the seller was led by Nick Kassab and Brian Ley.

Bryan Ley

"We are excited to announce the sale of Jantzen Beach Center in Portland, Oregon,” Kassab said.  “Jantzen Beach Center is the largest open-air center in the state and one of the top shopping destinations in Portland, benefiting from a vast trade area.

 “Strategically located on the Oregon/Washington border and with an impressive list of high-quality retailers, the center pulls customers from the nine-percent-sales-tax state of Washington into the no-sales-tax state of Oregon. 

“Given that opportunities to acquire a top-performing center of this size and scale in the Pacific Northwest are few and far between, the sale received significant interest from institutional investors across the country."

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

www.twitter.com/kimcorealty.

HFF arranges refinancing for Class A apartments in Jacksonville, FL

Village Walk Apartments, 7651 Gate Parkway, Jacksonville, FL

 HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a refinancing for Village Walk, a 240-unit, Class A, garden-style apartment community in Jacksonville, Florida.

HFF worked exclusively on behalf of the borrower, Venterra Realty (Venterra) to place the seven-year, 3.51 percent, fixed-rate loan with a life company lender.

Cortney Cole

Village Walk is located at 7651 Gate Parkway near the nexus of Loop 295 and Highway 202 in Jacksonville’s Southside submarket.  The property is near retail amenities such as St. Johns Town Center; the University of North Florida campus; and employers such as Citibank, the Federal Bureau of Investigation, Bank of America, Deutsche Bank and numerous other financial services and insurance companies. 

Village Walk consists of 23, two-story buildings with residential units averaging 1,163 square feet and amenities, including gourmet kitchens, garden tubs, walk-in closets, nine-foot ceilings and in-unit washers and dryers.

Elliott Throne

 Common area features include a swimming pool, 24-hour fitness center, tanning bed, clubhouse, billiards room, business center, car wash and children’s playground.  The property is 95 percent occupied.

The HFF debt placement team representing Venterra was led by managing directors Cortney Cole and Elliott Throne.

 Venterra Realty (Venterra) specializes in the identification, finance, acquisition and management of multifamily residential communities in the southern United States.  Venterra currently manages a portfolio of approximately 15,000 multifamily units totaling more than $1.45 billion in value that generates gross annual income in excess of $180 million.

  The organization has completed in excess of $4 billion of real estate transactions.  Venterra is headquartered in Toronto and employs more than 500 people.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

Confluent Senior Living Completes Sale of Two Senior Living Communities; Harbert Seniors Housing Fund Acquires Colorado and New Mexico Communities

  

MorningStar of Wheat Ridge, Wheat Ridge, CO

  

John Reinsma

DENVER, CO – Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development, is pleased to announce the sale of two of its senior living communities – MorningStar of Wheat Ridge and MorningStar of Albuquerque.

Previously the owner of both projects, Confluent Senior Living co-developed each community with its operating partner MorningStar Senior Living. MorningStar will maintain its role as operator for the communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the new owner, Harbert Seniors Housing Fund I, LP.

Located in the Denver suburb of Wheat Ridge, the MorningStar of Wheat Ridge community was completed in March 2016. 

The 58,000-square-foot development includes 64 assisted living and memory care suites. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied.

Located in northwest Albuquerque, the MorningStar of Albuquerque community opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care suites. The project earned an Award of Excellence from NAIOP New Mexico and is currently 95.6 percent occupied.

Sarah Anderson

“We’re thrilled with the successful sale of two quality senior living assets,” said John Reinsma, managing director of Confluent Senior Living. “These sales represent the strength of our senior living portfolio, with the projects fully stabilized and primed for a smooth transition of ownership fewer than 12 months after completion.”

Ryan Maconachy

Confluent and MorningStar have a strong history of partnering on senior living projects, having completed four previous projects in Arizona and Colorado, with two others currently under construction in Arvada, Colo. and West Des Moines, Iowa.

These Wheat Ridge and Albuquerque communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. The HFF investment sales team was led by senior managing directors Ryan Maconachy and Chad Lavender. HFF’s debt placement team was led by director Sarah Anderson.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

www.harbert.net.

www.MorningStarSeniorLiving.com.

www.ConfluentSeniorLiving.com

Pinnacle Legacy Railroad Pays $8.8 Million for 76,598-SF Industrial Building in California

Natalie Smith

 

Pat Meaney

PALM DESERT, CA -- Pinnacle Legacy Railroad LLC purchased a 76,598 square foot concrete tilt- up industrial building from City of Industry Partners LLC for $8,800,000.

The property, located at 18451-18467 Railroad Street, is currently 100% leased to five Tenants. Canada Pacific Realty Advisors Pat Meaney, Brendan Meaney, and Natalie Smith represented the Buyer, No other Broker was involved. Close of escrow was July 14, 2017."

Additionally, Indio Square LLC purchased an approximate 45,000 square foot shopping center situated on 5.7 acres at 44075 Jackson Street, Indio. The center is currently 22% occupied. Indio Square LLC will be planning a major upgrade of the shopping center in order to attract new Tenants.

 Canada Pacific Realty Advisors Pat Meaney represented both parties. Consideration was $1,692,000. Close of escrow was July 14, 2017. Canada Pacific will be handling the leasing of the property for the new Owners.

 CP Realty Advisors, Inc.  is a full-service real estate brokerage and advisory firm  that specializes in all aspects of facility acquisition, disposition and management. CP Realty Advisors has a long and distinguished track record of efficiently solving real estate requirements, locally, nationally, and around the world. 

Brendan Meaney

CP Realty Advisors understands the unique needs of the real estate acquisition and disposition process. Our founding partners have over 65 years of combined real estate experience and can provide you with a solution based approach customized to meet your objectives.

Pat Meaney states, "We understand that real estate can be your single biggest investment, and even more important, affects and influences your company’s culture and employees’ effectiveness. CP Realty Advisors  can help you make informed real estate decisions that can help drive your business forward. 

"Our extensive experience lends trusted expertise and insight to opportunities, investments, and property portfolio management. We’re dedicated to finding the right opportunities and eager to use our expertise to your advantage."

Meaney adds, "Our dedication and deep experience allows us to focus on a single goal — our clients success."

For a complete copy of the company’s news release, please contact:

Jordan Meaney

Canada Pacific Realty Advisors

CP Realty Advisors, Inc.

MAILING ADDRESS

42215  Washington St. Suite A373

Palm Desert, CA 92211

760-610-6080 (Main)

760-641-6758 (Cell)

CA License #02033601

 Offices in Palm Desert, CA and Los Angeles, CA

jmeaney@cprealtyadvisors.com      

www.cprealtyadvisors.com

Jordan Meaney

Canada Pacific Realty Advisors

CP Realty Advisors, Inc.

MAILING ADDRESS

42215  Washington St. Suite A373

Palm Desert, CA 92211

760-610-6080 (Main)

760-641-6758 (Cell)

CA License #02033601

 Offices in Palm Desert, CA and Los Angeles, CA

jmeaney@cprealtyadvisors.com      

www.cprealtyadvisors.com