A Lake Oswego-based group has purchased two hotels from an institutional seller.

BHG Hotels, whose president and CEO is Bakulesh “Buggsi” Patel, completed the purchase of an 80-room DoubleTree by Hilton hotel in Salem.

The hotel is located on 1.48 acres at 1590 Weston Court N.E., off of Interstate 5. The property is approximately 2.5 miles from downtown Salem and the state Capitol.

The hotel was built in 1997 and converted to a DoubleTree in 2012. Amenities include two meeting rooms totaling 1,500 square feet, an outdoor swimming pool and the Press NW Bistro and Bar.

Terms of the deal were not disclosed, and the sale was not yet posted online by the Marion County Assessor’s Office.

The former owner was listed in Marion County records as a limited liability company, PIH Salem, which listed as a member another LLC with an address in Boca Raton, Florida.

The second hotel BHG purchased was a 123-room Homewood Suites by Hilton in Beaverton. It has one- and two-bedroom guest rooms averaging 482 square feet.

This hotel’s location, at 15525 N.W. Gateway Court in the Sunset Highway corridor, is close to Nike and Columbia Sportswear headquarters.

The sale price was not disclosed, and was not yet available from Washington County records. The Beaverton property previously sold for $10.5 million in 2001.

Jones Lang LaSalle‘s capital markets team marketed both properties on behalf of the seller. JLL was led by senior managing director Scott Hall, associates Aaron Lapping and Blake Malecha and senior director Nick Kassab.

The deals were secured by Holliday Fenoglio Fowler prior to JLL’s acquisition of HFF on July 1, according to a news release.

For the Beaverton transaction, JLL arranged a 10-year fixed-rate acquisition loan from American Real Estate Capital of Coral Gables, Florida, which is led by senior managing director David Nigro.

The JLL capital markets team representing BHG Hotels included managing director Casey Davidson and Lapping.

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Tigard Medical Plaza has sold to a private investor for $14.5 million.

The 20,994-square-foot facility has been purchased via a 1031 exchange, according to Holliday Fenoglio Fowler, which represented the seller.

The building is located at 7300 S.W. Childs Road, on 1.74 acres west of Interstate 5. The plaza was completed in 2005; it’s now fully leased to the Oregon Outpatient Surgery Center and Sports Medicine Oregon.

HFF declined to identify the buyer and seller. Sale information was not yet available from Washington County. The county listed the former owner as ESG Investments, a limited liability company that lists Jonathan Greenleaf of Tigard and Richard Edelson of Portland as members.

HFF managing director Evan Kovac, director Andrew Milne, senior associate Trent Jemmett and analyst Maria Poyer represented the seller. Director Logan Greer provided local market expertise. Managing director Casey Davidson and senior director John Chun provided debt advisory services for the transaction.

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Construction can continue apace on the 100 Columbia project in downtown Portland now that the developer has secured a $96.5 million loan.

The loan was arranged by commercial real estate firm HFF on behalf of developer Alamo Manhattan and will be repaid over four years, Multi-Housing News reported. HFF previously obtained for the project team a $47.4 million loan “in a joint venture equity partnership with Diamond Realty Investments,” according to Multi-Housing News.

The Bureau of Development Services late last year issued a building permit for the project, and ground was broken in January on the 0.92-acre site at 140 S.W. Columbia St. Andersen Construction is serving as general contractor.

The estimated value of the project is $75 million, according to BDS documents.

GBD Architects‘ design for the project was approved by the Design Commission in November 2017. Plans call for a 20-story tower with 348 residential units, 15,000 square feet of ground-floor commercial space and rooftop amenity spaces at multiple levels.

Approximately 244 motor vehicle parking spaces will be included in an above-grade garage. Also, 521 bicycle parking spaces will be provided.

Construction is tentatively scheduled for completion in 2020.

The property owner is Downtown Development Group via Lot 53 LLC. It acquired the property in 2013 from the Louis Dreyfus group, according to media reports.

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The Hilton Eugene hotel has been sold to Chicago-based A.J. Capital Partners, which announced plans to renovate the building and rebrand it as Graduate Eugene.

The 274-room hotel was built in 1982. It’s located in downtown Eugene at 66 E. Sixth Ave., adjacent to a 30,000-square-foot conference center and the Hult Center for the Performing Arts. The hotel also is not far from the University of Oregon campus.

Major renovations will begin to transform the hotel into Graduate Eugene – part of A.J. Capital Partners‘ Graduate Hotels brand. Renovations will include a “complete overhaul” of all guest rooms, bathrooms, corridors and common areas, according to a news release.

The new owners will also expand the hotel’s food and beverage options, and open a lobby café and an indoor-outdoor beer garden.

Holliday Fenoglio Fowler arranged a $71 million loan to fund the acquisition and renovations. The HFF debt placement team representing the borrower consisted of managing directors Danny Kaufman and Casey Davidson, senior director Jeff Bucaro and associate Nicole Aguiar.

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Axcess 15, a mixed-use property with 202 apartments in Portland’s Lloyd area, has sold for $66 million.

The buyer was MG Properties Group, a San Diego-based real estate company that develops, acquires and manages multifamily properties.

Holliday Fenoglio Fowler (HFF) represented the seller, Waterton, a Chicago-based real estate investment firm, and attracted the buyer. HFF also helped secure a loan through Freddie Mac’s Capital Markets Execution program.

Axcess 15, at 1500 N.E. 15th Ave., is near the Lloyd Center mall and other amenities. The four- and five-story property includes a mix of one- and two-bedroom apartments averaging 851 square feet. The property also has 18,000 square feet of ground-floor retail space, which is fully leased.

Axcess 15 last traded in 2012, when Holland Partners sold the property to Waterton for $48.63 million. The mid-rise development was built in 1990.

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A Hillsboro apartment complex has sold to a San Diego-based investment company for $97.5 million.

Thorncroft Farms, a 340-unit, garden-style complex, was built in 1998. It’s located at 2120 N.W. Thorncroft Drive, fewer than 5 miles from Intel and Nike headquarters.

The buyer was M.G. Properties Group, a San Diego firm that also owns Russellville Commons in Portland and Riverwalk at Happy Valley.

“Having entered the Portland market in 2016, we are excited to continue our growth in the Pacific Northwest,” CEO Mark Gleiberman stated in a news release. “Thorncroft Farms is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.”

M.G. Properties Group is targeting additional acquisitions in Oregon and other Western states, according to the release.

The seller was Berkshire Group, which is headquartered in Boston. Berkshire Group was represented by Ira Virden and Carrie Kahn of HFF. Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.

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A garden-style multifamily complex in Vancouver, Washington, has sold for $45.5 million.

Jackson Square Properties of San Francisco purchased Bridge Creek Apartments, a 270-unit housing complex located at 9211 N.E. 15th Ave. Located near Salmon Creek, the property includes one-bedroom, two-bedroom and three-bedroom apartments.

The seller, Aukum Group of Larkspur, California, was represented by Holliday Fenoglio Fowler. HFF‘s team included senior managing director Ira Virden and director Carrie Kahn.

The units feature kitchens, in-unit laundry appliances and garages. Other amenities include a swimming pool, a fitness studio, a business center, an off-leash dog park and a playground.

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An Old Town Chinatown office tower will get an update now that an institutional investor has purchased it.

The distinctive tower at 220 N.W. Second Ave., near the riverfront, has served as NW Natural‘s headquarters since the building was completed in 1984. However, the utility company is preparing to move into the office tower being constructed at Southwest Third Avenue and Taylor Street, so the building at 220 N.W. Second Ave. became available for repositioning.

Menlo Equities sold the building to an undisclosed institutional buyer who was advised by local partner Specht Development Inc., according to a news release from Holliday Fenoglio Fowler, which brokered the sale. The price was not disclosed and had not yet appeared in public records. Menlo Equities previously bought the building in January 2015 for $48.5 million.

The new owner plans to modernize the lobby, add first-floor amenities to be shared by tenants and activate existing retail spaces, according to HFF.

The HFF investment advisory team included director Logan Greer, senior managing director Michael Leggett, senior managing director Gerry Rohm, senior director Ben Bullock, director Dave Otis and analysts Jeff Hodson and Kevin Freels.

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A California investment firm has invested $63.5 million in PHK Development‘s condominium project now under construction in Northeast Portland.

Canyon Partners Real Estate, a Los Angeles limited liability company, has provided the senior loan to an affiliate of PHK Development Inc., the lender announced Tuesday.

Canyon Partners has invested more than $1.4 billion in condo projects nationwide, but this is its first time stepping into the Portland market.

PHK’s seven-story, 162-unit project will bring for-sale units to the market. Few condo projects have come to market since the previous recession as multifamily developers overwhelmingly chose to build apartments.

The project at 2034 N.E. Multnomah St. is scheduled to be delivered in late 2019. It will have a mix of one-bedroom, two-bedroom and penthouse units.

PHK’s Patrick Kessi has previous experience building condos, including the 937 Condominiums in the Pearl District.

Records show an LLC controlled by Kessi purchased the Multnomah Street property in 2016 for slightly more than $4 million.

Holliday Fenoglio Fowler LP arranged the financing, and was led by senior managing director Tom Wilson and managing director Bryan Clark.

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A California investor has purchased a second Portland-area shopping center for $21.5 million.

Kornwasser Shopping Center Properties, based in Los Angeles, recently closed on the Fourth Plain Center in Vancouver, Washington.

The east Vancouver shopping center is anchored by 24-Hour Fitness and Walgreens. The 117,143-square-foot property sits on 7.96 acres.

The property is 73 percent leased, and the buyer intends to lease it up and resell it, said Nick Kassab, director for Holliday Fenoglio Fowler, which represented the seller, 4th Plain Center LLC.

“There’s a lot of capital that’s been raised on the West Coast for value-add retail, and there’s not a lot of deals that come to market,” Kassab said. “They’re going to come in, lease it up, probably sell it and make a nice return.”

A vacant former Office Depot building offers an opportunity to lease up and add value, Kassab said.

Earlier this year, Kornwasser purchased Southgate Shopping Center, a 50,826-square-foot strip mall in Portland.

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