Home Commercial Clarion Partners Sells Portland Industrial Asset for $59MM

Clarion Partners Sells Portland Industrial Asset for $59MM

Seattle, Puget Sound, Kidder Mathews, King County, Pierce County, Snohomish County, Thurston County
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(EDITOR’S NOTE: According to public records reviewed by The Registry, the sale closed for $59 million, or roughly $100 per square foot. Clarion Partners owned the property since April of 2005 when it paid $28,750,000 for it at that time.)

PORTLAND, August 3, 2022 – JLL Capital Markets has announced today that it has closed the sale of Marine Drive Distribution Center, a 590,770-square-foot, four-building distribution center in Portland, Oregon.

JLL marketed the property on behalf of the seller, Clarion Partners, in the sale to LBA Logistics. Additionally, JLL has been retained by the buyer to handle leasing at the property.

Marine Drive Distribution Center is comprised of one single tenant and three multitenant institutionally managed distribution warehouses. The state-of-the-art buildings feature ESFR sprinklers, 24’-26’ clear heights, 114 dock-high, 12 grade-level and 28 rail-served doors, along with ample parking. The buildings are NNN leased to seven tenants.

The property is situated on approximately 27.30 acres in the Rivergate submarket at 6308-6310 and 6204-6210 N Marine Dr. and 7409-7433 and 7507-7517 N Leadbetter Rd. Marine Drive Distribution Center is less than two miles from the Port of Portland Terminal 6 and less than four miles from Interstate 5 providing regional access throughout the West Coast, including San Francisco, San Diego, Los Angeles, Portland, and Seattle. In addition, the property is located seven miles from Portland International Airport and 18 miles from Troutdale Airport.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Detmer and Managing Directors Buzz Ellis and Ryan Sitov. The JLL Leasing team is led by Managing Director Tyler Sheils.

“JLL is pleased Clarion Partners trusted us with the disposition of their institutionally managed and maintained best-in-class mid-bay Marine Drive Distribution Center.” According to Ellis, “mid-bay product fills a critical need in our nations supply chain for tenants that operate out of spaces ranging from 30,000 to 300,000 square feet, and demand for these assets are robust across the West Coast, with institutional quality multitenant assets such as Marine Drive Distribution Center particularly sought after by the investor community. We congratulate LBA on their acquisition of Marine Drive Distribution Center, and all parties are pleased with the outcome of the transaction.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.