SR Watt Company Closes on $60 Million Acquisition of Suburban Portland, OR Multifamily Portfolio

 

Carrie Kahn

 

Portland, OR, Oct. 20, 2022 – SR Watt Company, a Southern California-based real estate investment and management firm, has announced the acquisition of two class A suburban Portland multifamily properties including the 101-unit Cannery Row, at 22550 SW Highland Drive, Sherwood, and the 87-unit Westline, at 4545 SW Angel Avenue, Beaverton.

 Courtney Trujillo

The seller, Madison Park Financial Corp. was represented by JLL Capital Markets Investment Sales Advisory team of Ira Virden, Carrie Kahn and Frank Solorzano. SR Watt represented itself in the $60 million portfolio acquisition.

 “The Pacific Northwest is the ideal market for SR Watt to expand its multifamily footprint thanks to its strong market fundamentals that include migrating population and high-growth employment in a suburban metropolitan area.

 Frank Solorzano

Plus, we see great opportunity to enhance placemaking opportunities in these communities that further enhance resident quality of life,” said Courtney Trujillo, president, SR Watt. This marks SR Watt’s first multifamily acquisition since its launch in July 2022.

 Built in 2013, Cannery Row features studio-, one-, two- and three-bedroom units with an average size of 840 square feet. Cannery Row is adjacent to the Sherwood Saturday Market at Cannery Square and a few blocks from Old Town Sherwood. 

The property features a resident lounge, fitness center, community patios, and pet grooming station.

Ira Virden

 SR Watt plans to renovate Cannery Row with interior unit upgrades, a new dog park, outdoor kitchen and social area, and upgraded fitness center. 

 Offering studio, one- and two-bedroom units with an average size of 737 square feet, the 2017-built Westline also includes 2,280 square feet of retail. 

Westline is located in the heart of downtown Beaverton Historical District. Community amenities include a pet/bike wash station, fitness center, rooftop deck with BBQ fire pit, and views of Mt. Hood.

  

 CONTACT:

 Jenna Sharp

JLL

M +1 214 394 3356

JLL.com

srwatt.com.

madisonpark.com

 

 

 

PEBB Enterprises Closes $22.5 Million Sale of Galleria Pavilion near Las Vegas

 

Deana Marcello

LAS VEGAS, NV – Oct. 20, 2022 – PEBB Enterprises, the South Florida-based private equity real estate investment company with a national commercial real estate portfolio, completed the $22.5 million sale of Galleria Pavilion in the Henderson suburb of Las Vegas, Nevada.

Jennifer (Jen) Lee 

The company successfully leased up and stabilized the multi-tenant retail property before the disposition.

Adam Malan 

The transaction closed on Oct. 18. Dong Koo Kim and Jong Ok Kim, trustees of the Dong Koo Kim and Jong Ok Kim Family Trust, are the buyers of the 601-617 Mall Ring Circle property.

Ian Weiner

Galleria Pavilion is a 64,598-square-foot retail center on an outparcel of the 1.1 million-square-foot Sunset Mall.

Dong Koo Kim 

It is 95% occupied. Notable tenants include Buffalo Wild Wings, Panera Bread, Nothing Bundt Cakes, Aqua Tots and Plato’s Closet.

PEBB acquired the property in October 2019, when it was only 37.4% occupied. The company saw potential in Galleria Pavilion due to its proximity to the Sunset Mall and US-95.

“Our team was able to quickly unlock the significant leasing upside at Galleria Pavilion,” PEBB President and CEO Ian Weiner said.

Jong Ok Kim

“That enhanced the property’s value to the point where pursuing a disposition made sense. With a dynamic tenant roster that complements the adjacent Sunset Mall, Galleria Pavilion is well-positioned for long-term success.”

Adam Malan and Deana Marcello of LOGIC Commercial Real Estate represented PEBB in the Galleria Pavilion sale. Jennifer Lee of Berkshire Hathaway Home Services Nevada represented the buyers.

Galleria Pavilion, 601-617 Mall Ring Circle,
 Henderson, NV

Henderson is Nevada’s second-largest city with an estimated population of 290,000 residents (as of 2016), trailing only Las Vegas. It has been recognized by Forbes, Bloomberg Business Week and the FBI Uniform Crime Report as one of the safest cities in the U.S.

PEBB currently owns Cheyenne Commons, a 325,425-square-foot shopping center in Las Vegas. In August 2022, the company obtained a $36.15 million refinancing for the Walmart-anchored center.

 

 CONTACTS:

 

Eric Kalis/Daniel Benjamin

954-370-8999

ekalis@boardroompr.com/

dbenjamin@boardroompr.com

 https://pebbenterprises.com/.  

 

JLL Capital Markets closes sale of Titan Development’s Gateway 35 Commerce Center Building 1in Georgetown, TX

 

Megan Babovec

 DALLAS, TX,  Oct. 19, 2022 – JLL Capital Markets and Titan Development announced today they have closed the sale of Titan Development’s Gateway 35 Commerce Center Building 1, a newly built 294,297-square-foot single-tenant industrial building in the Austin suburb of Georgetown, Texas, occupied by CelLink Corporation.

 JLL represented the seller, Titan Development, in the sale. The price was not disclosed.

 The JLL Capital Markets Industrial team representing the seller was led by Senior Managing Directors Trent Agnew and Dustin Volz, Directors Dom Espinosa, Associate Josh Villarreal and Analyst Megan Babovec.

Dom Espinosa

Completed in June 2022, Gateway 35 Commerce Center Building 1 is a 100% climate-controlled, cross-dock building featuring 36’ clear heights, 94 trailer stalls, 60’ speed bays, 185’ truck court and 220 parking spaces (0.75/1000 SF).

 The building was pre-leased to CelLink, serving as a mission-critical facility for the tenant and is their first manufacturing and distribution facility in Texas. CelLink, which is based in California, manufactures the world’s largest and most electrically and thermally conductive flexible circuits.

 Positioned on 20.96 acres at 2550 N IH-35 Frontage Road, the property is in North Austin at the intersection of Interstate 35 and Highway 130, two of the most vital north/south thoroughfares for the Central Texas region.

Josh Villarreal

As a result, the tenant can reach nearly 20 million residents within a three-hour drive. Furthermore, Gateway 35 Commerce Center Building 1 is located 35 minutes from Austin-Bergstrom International Airport and is less than 30 minutes from the market’s largest demand drivers, including Tesla Gigafactory and Samsung Taylor Plant.

 In addition, the area’s labor force encompasses more than 700,000 potential workers and spans 35 miles north to Temple and 45 miles south to Buda.

For more news, videos and research resources on JLL, please visit our newsroom.

 

 CONTACT:

 Cierra Lacasse, JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

www.titan-development.com.