Prologis purchases Portland Meadows property
Portland Meadows, once known as the home of horse racing in Oregon, has a new owner.
Prologis, based in San Francisco, last month purchased the approximately 115-acre property at 1001 N. Schmeer Road for $48.8 million, according to the Portland Business Journal. The company is one of the largest warehouse and distribution center owners in the world.
As early as 2018, Portland-based Mackenzie filed plans with the city of Portland that proposed constructing between nine and 10 buildings on the property and redeveloping it for warehouse, distribution or light manufacturing use.
In March of this year, an early assistance permit application was filed with the city outlining a plan for the property than included "initial phase" industrial redevelopment to accommodate an urban logistics facility on a western portion of the property. The application indicated future proposals for the property might include "possible land division … following construction of buildings in order to divide the property in a one building per lot configuration."
This past April, The Oregonian identified ProLogis as a party interested in buying the property. The Portland Business Journal on Sept. 11 confirmed that information.
Portland Meadows, built by William P. Kyne, opened on Sept. 14, 1946. In the 1990s and 2000s, it also hosted concerts. The facility, which offered horse racing and off-track betting, closed this past spring.
Founded in 1983, Prologis owns or has investments in 786 million square feet, manages $104 billion in assets and has 5,100 customers, according to the company's website. It employs 1,600 people in 19 countries.
A call to the Portland office of ProLogis was not returned.
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