The industrial buildings at two freestanding buildings located at 19217 and 19241 NE San Rafael Street.
Acquisition of Portland Industrial Portfolio
Investment real estate firm Black Creek Group have announced the acquisition of a two-building 122,800SF industrial portfolio in Portland, Oregon.
The multi-tenant property at 19217-19241 NE San Rafael in Portland’s East Columbia Corridor submarket was recently renovated, and is 100 per cent leased to two tenants.
The seller was a private investor, with Keegan Clay and Aaron Watt from Cushman & Wakefield's Portland office representing Black Creek during the transaction.
Clay believes Portland’s industrial sector is attractive to investors because of healthy fundamentals supported by low vacancy and strong activity. He describes 19217-19241 NE San Rafael as "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."
Gregg Boehm, senior VP for Acquisitions and Development for Black Creek's Western Region agrees, adding: "These buildings represent the well-located light industrial facilities with stable tenants that Black Creek continues to pursue.
"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 Q3 2020 market report, Portland’s industrial market vacancy was just 3.9 per cent, with occupancy increasing by almost 1 million SF during the period of the report. The company also reports strongest growth in the third quarter of 2020 when 1.8 million SF of new leasing activity was recorded, bringing the year-to-date total to 4.2 million SF.
Cushman & Wakefield also reports that Portland's East Columbia submarket has seen the strongest growth of any in the city this year.