By Kate Snyder
An industrial property that is scheduled to be completed in April has been listed for sale or lease in Salem. The building comes from Phelan Development, a real estate development company based in Newport Beach, Calif. Macadam Forbes has the listing, and the firm’s Stu Peterson and Clayton Madey are the brokers for the property. The sales price has not yet been determined, but pricing guidance for leasing is around 85 cents to $1.35 per square foot, according to an industry source with knowledge of the listing.
Located at 4405 Turner Road SE, the property site spans 10.12 acres of land and is positioned near both Interstate 5 and the Salem Airport. According to a marketing brochure from Macadam Forbes, the 193,758 square foot building features 30 docks, four grade level doors and a parking lot with 70 vehicle stalls. Trailer parking is also available. Allowable uses for the site include but are not limited to manufacturing, research and development, freezing and cooling as well as warehouse and distribution.
Phelan Development is focused on the development of high-quality industrial, office, R&D-flex and retail projects, according to the firm’s website. The company has 80 projects currently underway throughout the United States and $2.5 billion in total value in its development pipeline for 2024. Overall, the company has completed $6.5 billion dollars worth of development.
Throughout Oregon, other industrial properties have been the subject of recent sales transactions.
In Portland earlier this year, BKM Capital Partners, a vertically integrated institutional fund manager, acquired the Airport Way Corporate Park for $24.5 million. The multi-tenant infill industrial park is located in the city’s highly trafficked Airport Way Corridor. Located at 12021 NE Airport Way, the 140,693-square-foot property is 97 percent leased and was built in phases between 1992 and 2008. The property features three buildings and 16 units ranging in size from 3,666 square feet to 32,533 square feet, with office space accounting for 36 percent of the overall leasable area.
