CBRE announced that Bybee Lake Logistic Center I & II, a two-building industrial complex in Portland, sold to PCCP, LLC, a Los Angeles-based real estate investment firm, for $82.5 million. Brett Hartzell, Paige Morgan, Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox of CBRE represented the seller, Seattle-based investment firm Washington Capital on behalf of its clients, in the transaction. Val Achtemeier of CBRE arranged a $55.8 million floating rate loan with MetLife on behalf of the buyer.
“The Portland industrial real estate market is seeing unprecedented appreciation due to a lack of available land for development, accelerating rent growth and its overall attractiveness as a destination,” said Ms. Morgan.
Located at 7820-7832 North Leadbetter Road & 14601-14621 North Bybee Lake Court, Bybee Lake Logistic Center I & II is comprised of two Class A industrial buildings totaling 729,610 square feet on 37.7 acres. The project sits on a long-term ground lease with the Port of Portland and is 100 percent leased to six quality tenants including Iron Mountain, CJ Logistics, OIA Global Logistics, Independent Dispatch, Bridgetown Enterprises, and Mergenthaler Transfer and Storage.
Bybee Lake Logistic Center I & II was developed in 2006 and is strategically located less than one mile from the Port of Portland in Portland’s Rivergate Industrial District. The property provides immediate access to major highways and freeways, including I-5, SR-120, SR-14 and SR-30. The site is within 13 miles of downtown Portland and Portland International Airport.
Major West Coast markets have trended positively for industrial product despite pandemic conditions, with local sentiment for tenants improving even quarter-over-quarter. Though recovery is still forecast for 2021, the Portland industrial market has continued to record positive net gains overall, according to a CBRE research report.
About CBRE Group, Inc.
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 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.