CBRE has announced the $22.25 million sale of the Airport Way Corporate Park, a 140,693-square-foot, Class A industrial park in Portland, OR.
The seller, Airport Way, LLC, was represented by Cara Nolan of CBRE’s Portland office and Barbara Emmons of CBRE National Partners. CBRE will continue as the leasing agent for the property.
“Airport Way Corporate Park was one of only a few Portland multi-tenant industrial investment sales so far this year that was widely marketed,” said Cara Nolan, First Vice President, CBRE. “It was exciting to see all of the interest in the project from investors both within the Portland market as well as new investors to the region. I have worked on this property for over a decade, including through the Great Recession, and am thrilled that it culminated in a successful transaction for both the buyer and seller.”
“Our team saw strong interest in the Portland market,” said Barbara Emmons, Vice Chairman, CBRE. “This asset was an ideal multitenant business park with strong tenancy and long-term growth potential.”
Located at 12021 NE Airport Way, 12067 and 12055 NE Glenn Widing in the highly desirable Northeast submarket of Portland, the three-building property is currently 95 percent leased to 15 tenants. The property’s proximity to the Portland International Airport and adjacency to freeways provide tenants with convenient access to local amenities and coverage to the Portland market and Northwest region.
Constructed in 1992-2008, the property features full sprinkler systems, dock high and grade level loading, abundant power, above standard parking and high visibility from Airport Way.
The Portland industrial real estate market is experiencing historically low vacancy rates at 3.8 percent and record absorption thanks to the limited land available for development and limited new multi-tenant construction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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.
