This week in the North West region, the news is mainly all about Portland. Whether about the city's newest sky-rise office tower, or how Portland is doing on the retail side, check out all the news you might have missed below.—Natalie Dolce

BY THE NUMBERS

PORTLAND—The Portland retail market held its own during the first quarter of 2017, with 8,030 square feet of positive net absorption keeping the vacancy rate at 4%, according to a recent report from Kidder Mathews. Retail assets across the market continue to attract interest from local and national investors, and single-tenant properties with well-known tenants earned outlays in excess of $400 per square foot this quarter while trading at cap rates below 6%, the report says. “When Albertsons store closures created large vacancies, they were quickly subleased to new tenants, highlighting the robust demand for space in the Portland metro area. Rental rates continued to trend upward into the New Year, to an average of $18.55 marketwide. CBD rental rates averaged $24.86 NNN, but high-end spaces in trophy properties were asking in the $40s.” The report adds that Portland market is adapting well to the changing face of street retail, with shared food halls and specialty shops replacing traditional brick-and-mortar stores to limit vacancies in retail corridors and shopping centers across the region.

NEWS & NOTABLES

SEATTLE—KONE, a global leader in the elevator and escalator industry, recently debuted KONE JumpLift technology in the newest construction project located at Eighth and Howell in downtown Seattle, which will soon be the tallest hotel in the Pacific Northwest. KONE JumpLift is a first of its kind, self-climbing elevator that increases jobsite safety, improves efficiency and accelerates construction work, capable of trimming months off a high-rise construction timeline. A product offering of KONE's Smart Construction methods, KONE JumpLift is a solution focused on enhancing the flow of people on construction sites.

DEAL TRACKER

PORTLAND—Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has sold Modera Goose Hollow, a 134-unit luxury apartment building in Portland. The $47.5-million sales price equates to more than $354,000 per unit. “The property is a prime multifamily investment asset in one of Portland's original residential neighborhoods,” says Pete Shelton, IPA executive director. “The area is densely populated, extremely pedestrian-friendly and popular with students from Portland State University, which just on the other side of the 405 freeway.”

BUILDING BLOCKS

PORTLAND—NBS Financial Services president Ken Griggs and SVP Paddy Ryan have recently secured $78 million in construction financing for Broadway Tower, a mixed-use speculative project totaling 430,000 gross square feet, of which eight floors will be for the new Radisson RED hotel with class A office above. NBS Financial represented the lender, a pension fund advisor for labor unions. Walter C. Bowen of BPM Real Estate Group is the developer, and BDC/SW Broadway LLC is the borrower. Portland's newest sky-rise office tower is located at 1455 SW Broadway between SW Columbia and SW Clays Streets. With mountain and river views, Broadway Tower is in the core of downtown activity amidst shopping, museums, restaurants, South Park Blocks and Portland State University. Streetcar and light rail stops are within two blocks of the site.

PORTLAND—NewSchool of Architecture & Design, located in San Diego's East Village design district, teamed up with the City of Portland, integrated design firm Mackenzie Inc., and real estate company Intrinsic Ventures, to revitalize a rapidly growing neighborhood in the Central Eastside industrial district of Portland. Under the direction of NewSchool faculty member, Daniela Deutsch, more than 60 undergraduate architecture students shared their work over the last several months collaborating with a variety of industry partners to create a vision for the development of a new, sustainable neighborhood with progressive urban engagement in the Ford District, at an event held at the Center for Architecture. As part of NewSchool's Integrated Design Studio, this project was developed to engage students in the ongoing conversation about contemporary directions in urban design and architecture. The project also aims to disseminate the experience of the City of Portland to other regions of the West Coast and their adaptation to local climate, cultural and economic conditions.

BY THE NUMBERS

NEWS & NOTABLES

DEAL TRACKER

BUILDING BLOCKS

Instant Insights /

Middle Market Digest: This Week in the North West

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