The multi-tenant property situated in Portland’s East Columbia Corridor submarket was recently renovated and is 100% leased to two tenants. The seller was a Private Investor.
Keegan Clay and Aaron Watt with Cushman & Wakefield Portland represented the buyer in the transaction.
“Portland’s industrial sector maintains healthy market fundamentals supported by low vacancy and strong activity, which therefore continues to draw interest from regional and out-of-state investment groups,” said Keegan Clay. “This facility was a stable, modern quality asset providing long-term income from the existing tenants, which gave it great appeal for the buyer as an investment opportunity in a strong East Columbia submarket.”
The asset consists of two freestanding buildings located at 19217 and 19241 NE San Rafael St totaling 40,000 sf and 82,793 sf, respectively. Renovations and improvements were made to both buildings during 2019-2020. The facility features rail doors, dock high and grade level loading, 28-ft clear heights, seals and levelers, heavy power, and LED lighting. The property is located nearby Highway 30 and Interstate 84 and Highway 205 while the Portland International Airport is less than 10 miles away.
“These buildings represent the well-located light industrial facilities with stable tenants that Black Creek continues to pursue,” said Gregg Boehm, senior vice president, acquisitions and development for Black Creek’s Western Region. “We continue to see industrial perform well in today’s environment especially in strong markets like Portland, which exhibits healthy population and economic growth.”
According to Cushman & Wakefield’s latest Q3 2020 market report, Portland’s industrial market vacancy was just 3.9% while occupancy increased by nearly 1 msf through the first three quarters of 2020. The third quarter has been the strongest of the year, registering 1.8 msf of new leasing activity to bring the year-to-date total to 4.2 msf as of Q3 2020. The East Columbia submarket has proven to be Portland’s strongest industrial growth submarket during 2020, registering over 1 msf of occupancy growth through the third quarter.