CBRE has arranged the sale of Vista Logistics Park, a three-building 733,232-sq.-ft. industrial campus in Gresham, Oregon. The asset, which is located in the highly desirable Northeast Columbia Corridor of Portland, sold for $93.25 million.
A team of CBRE professionals, including Paige Morgan (Portland), Brett Hartzell (Seattle), Darla Longo, Eric Cox, Barbara Perrier, Val Achtemeier (Los Angeles), and Rebecca Perlmutter-Finkel (San Francisco) represented the seller, Madison-Specht Vista Logistics LLC, a joint venture between a prominent institutional investor and Portland-based Specht Development. The buyer was Denver-based Black Creek Group.
Completed in 2017, Vista Logistics Park is the largest, single-phase speculative industrial development project built in Oregon to date.
“Vista offered buyers the rare opportunity to invest in a large, new construction industrial project in the closely-held Portland market” said CBRE’s Morgan. “This is a class A property in a prime distribution location with excellent access to downtown Portland and the I-84 freeway. Vista’s scale and leading-edge building features, will continue to attract top-tier tenants for years to come.”
Vista Logistics Park was 73 percent leased when it was put under-contract with Black Creek Group, however, leasing momentum at the property continued throughout the sale process and occupancy stood at 86.5 percent upon closing. Vista Logistics Park is leased to Medline, Imperial Brown, Samuel, Son & Co. and Fully. Capacity Commercial Group served as the leasing agent for the seller.
“The project’s profile offered the buyer significant, in-place income and the ability to add near-term value through lease-up,” Morgan added.
Vista Logistics Park consists of three buildings with minimum 30’ clearances, ESFR, LED lighting, generous 190’-215’ truck courts, ample loading with 158 dock doors, and abundant car and trailer parking. Additionally, building C features cross-dock loading, a 7” reinforced concrete floor slab and 70 trailer stalls. Located at 32-198 SE 223rd Avenue in Gresham, Oregon, the industrial park offers visibility with multiple points of ingress & egress on SE 223rd Avenue and NE Hood Street.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
