PORTLAND, OR – AUGUST 24, 2017 – Multnomah County announced today that it has selected CBRE to exclusively market the Wapato County Jail Facility in Portland, OR located at 14355 N Bybee Lake Court, as part of a larger contract to lease or sell surplus county properties.
CBRE Capital Markets sales professionals Graham Taylor and Charles Safley will be marketing the building and site on behalf of Multnomah County as an industrial or special use facility. “In this time of growing property values, Multnomah County is taking aggressive steps to get the most value for our surplus properties for the benefit of taxpayers,” said Multnomah County Chair Deborah Kafoury. “The team will be marketing Wapato and the other surplus properties to a wide pool of investors.”
With a footprint of 155,400 square feet, the Wapato facility is situated on 18.24 acres of land. Multnomah County built the complex in 2004, but the property has never been opened as a detention facility. Heavy Industrial (IH) zoning within the City of Portland allows for significant versatility in potential uses, including manufacturing and production; warehouse and freight movement; wholesale sales; self-service storage and vehicle repair.
The decision to bring Wapato to market stems from a larger contract for leasing and transaction services Multnomah County entered with CBRE. Kristin Hammond, Ajay Malhotra and Dan Estes will provide leasing guidance on county owned properties and occupier services.
“Our Advisory and Transaction professionals have deep experience transacting development, redevelopment, and adaptive re-use projects supported by CBRE’s real estate platform and intellectual capital,” said Jason Green, Managing Director at CBRE in Portland. “The individuals advising the county possess the market intelligence and experience to yield a successful outcome on the county’s behalf.”
A number of surplus county properties will be for sale in the near future through CBRE, including the possibility of the McCoy Building (426 SW Stark St.) and Central Courthouse (1021 SW 4th Ave.) later this year or next.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.