PORTLAND, Ore. – Oregon State Treasurer Ted Wheeler ran away with the race for mayor of Portland, garnering more than 50 percent of the vote in the primary election and avoiding a runoff in November.

"Portland's best years are still ahead of it," Wheeler said during his victory speech. "I cannot wait to take office as your next mayor."

Watch: Ted Wheeler's victory speech

As of 9:30 p.m., Wheeler had 58 percent of the vote but results were still rolling in. Even though every ballot was yet to be counted, Wheeler's total was enough to call the election in his favor. He will take office Jan. 1, 2017 and replace one-term mayor Charlie Hales.

Click for election results

Wheeler's biggest threat was from Multnomah County Commissioner Jules Bailey, who limited campaign contributions to $250 per person. Bailey had about 16 percent of the vote as of 9:30 p.m. and made a spirited concession speech, celebrating his journey.

Watch: Jules Bailey's concession speech

Before the primary election, polls showed Oregon State Treasurer Ted Wheeler has a clear lead over the other candidates running for mayor. A scientific poll showed Wheeler would likely get 50 percent of the vote.

In Oregon nonpartisan elections, if a candidate gets at least half the vote in the primary election, he or she wins and avoids a runoff in the general election.

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