Bybee Lake Logistics spot sold
Commercial property broker CBRE says the Bybee Lake Logistic Center in Portland has been sold to PCCP, LLC, a Los Angeles-based real estate investment firm, for $82.5 million. CBRE represented the seller, Seattle-based investment firm Washington Capital on behalf of its clients.
"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," CBRE's Paige Morgan said in a media release.
Located at 7820-7832 North Leadbetter Road and 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 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 less than one mile from the Port of Portland in Portland's Rivergate Industrial District. The property is near major highways including I-5, SR-120, SR-14 and SR-30 and is 13 miles from downtown Portland.
CBRE said in the release: "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."
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