HFF closes $23.5 million sale of and arranges financing for Gresham Station Medical Plaza in suburban Portland, Oregon
PORTLAND, OR – March 13, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $23.5 million sale of and arranged the financing for Gresham Station Medical Plaza, a 100,419-square-foot, four-building medical office complex in the suburban Portland community of Gresham, Oregon.
HFF marketed the property on behalf of the seller, Westlake Realty Group, Inc., and procured the buyer, Stockdale Capital Partners. Additionally, HFF worked on behalf of the new owner to secure the acquisition loan. HFF handled the sale of the adjacent Gresham Station Shopping Center on behalf of Westlake in 2016.
Gresham Station Medical Plaza is located at 831 NW Council Drive, 862-894 NW Burnside Drive and 1851-1867 NW Civic Drive, near the Adventist Medical Center. This location, southeast of Portland, is adjacent to Gresham Station Shopping Center, Gresham City Hall and the Civic Drive MAX station, and has a population of 243,000 people within a five-mile radius. Completed in 2004, the property is 77 percent leased and is anchored by Adventist Health. Additional tenants include DaVita HealthCare Partners Inc. and Providence Health & Services. The facility provides an array of services, including surgery, imaging, dialysis, primary care, orthopedics, laboratory, physical therapy, dermatology, dentistry, women’s health and pediatrics.
The HFF investment sales team representing the seller was led by senior managing director Nick Kucha, managing director Evan Kovac, associate Andrew Milne and analyst Trent Jemmett.
HFF’s debt placement team representing the borrower was led by managing director Jeremy Womack and associate director Erica Christensen.
About Westlake Realty Group, Inc.
Westlake Realty Group, Inc. provides integrated property management services for its own projects as well as for third-party clients. Westlake Realty Group currently manages a portfolio of over three million square feet of commercial properties and 1,235 multi-family residential units. Westlake Realty Group has earned the Accredited Management Organization (AMO) designation from the Institute of Real Estate Management (IREM). Learn more at westlake-realty.com.
About Stockdale Capital Partners
Stockdale Capital Partners is a vertically integrated real estate investment firm focused on opportunistic investment primarily in the Southwest. The firm has offices in Los Angeles, Scottsdale and Houston and is vertically integrated with stand-alone property management function. stockdalecapital.com.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.