{"id":1004607661,"date":"2022-10-20T03:03:36","date_gmt":"2022-10-20T11:03:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004607661"},"modified":"2022-12-08T17:08:19","modified_gmt":"2022-12-09T01:08:19","slug":"gantry-secures-61m-for-portland-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gantry-secures-61m-for-portland-retail-center\/","title":{"rendered":"Gantry Secures $61M for Portland Retail Center"},"content":{"rendered":"
\"Cedar

Cedar Hills Crossing. Image courtesy of Gantry<\/p><\/div>\n

C.E. John Co. <\/strong>has obtained a $61 million in permanent financing for Cedar Hills Crossing, a 477,000-square-foot retail center located at 3205 SW Cedar Hills Blvd. in Beaverton, Ore. Working on behalf of the borrower, Gantry Inc.<\/strong> secured the 10-year, fixed-rate loan that also includes a 12-month forward rate lock.<\/p>\n

The Gantry team that negotiated the deal included Principal Blake Hering and Associate Heather Kegler. Putting the financing transaction in context, Hering told Commercial Property Executive<\/em> that \u201cCedar Hills Crossing is a double grocery-anchored neighborhood shopping center that serves as a destination location for Beaverton. This center has historically outperformed the broader retail market.\u201d<\/p>\n

In another recent transaction, Gantry arranged $267 million<\/a> for the financing of U.S. Department of Veterans Affairs-operated medical facilities in Florida, New Jersey, California and Virginia.<\/p>\n

A retail landmark in a thriving market<\/h2>\n

Completed in 1969, Cedar Hills Crossing comprises 10 buildings across 38.6 acres, according to CommercialEdge data, and has undergone extensive renovations during the past 5 years. Since 2017, the owner has also added some 190,000 square feet of retail, restaurant and medical use space to the existing construction. The center is anchored by a diverse array of retailers such as Best Buy, Office Depot, New Seasons and Winco.<\/p>\n

Located 8 miles west of downtown Portland, the property sits along a major retail corridor, attracting some 30,000 daily visits. In addition, the center is roughly 1 mile from Tektronix and Nike\u2019s World Headquarters.<\/p>\n

Overall, Portland\u2019s retail market has posted strong, stable growth, even as many companies encounter deep complexities<\/a> in their investment and development endeavors due to higher interest rates and seemingly less lucrative loan offers.<\/p>\n

As of the third quarter of 2022, Portland had 461,333 square feet of retail space in its pipeline, 15.4 percent higher year-over-year, with 134,929 square feet being absorbed by new leases, according to a Kidder Mathews<\/strong> report<\/a>. Furthermore, the metro\u2019s vacancy rate has fallen to 3.6 percent, witnessing a 10 percent improvement over the year as both new space comes online and demand tightens.<\/p>\n","protected":false},"excerpt":{"rendered":"

C.E. John Co. owns the 477,000-square-foot property. <\/p>\n","protected":false},"author":3012,"featured_media":1004607660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,22251,21742,28440,21749,15],"tags":[51756,48665,33612],"class_list":["post-1004607661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-in-focus","category-latest","category-portland","category-retail","category-west","tag-c-e-john-co","tag-gantry-inc","tag-kidder-mathews"],"acf":[],"yoast_head":"\nGantry Secures $61M for Portland Retail Center - CPE<\/title>\n<meta name=\"description\" content=\"The $61 million loan, secured by Gantry for C.E. 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