Four industrial properties change hands in deals totaling over $80m in Portland area
Experts predicted continued high demand and tight supply would fuel the industrial real estate market in the Portland area throughout 2022 — and the predictions are holding true this quarter.
Four industrial properties in the Portland metro area were sold recently in transactions facilitated by Kidder Mathews alone, the commercial real estate firm announced September 8.
The four transactions totaled more than $80,350,000, according to Kidder Mathews.
Two of the properties were sold by Portland-based Allen Properties, and two were purchased. Zach Francis is the executive vice president of Kidder Mathews, and represented Allen Properties in the transactions.
"We are very pleased to have represented Allen Properties on numerous sales and 1031 exchanges throughout 2022," Francis said. "Through a lot of hard work, organization, and excellent market timing, we were able to achieve our client's investment objectives, and we look forward to continuing to assist them on future acquisitions and leasing assignments."
Allen Properties purchased Vancouver Mall at 8800 N.E. Vancouver Mall Dr. for $27,600,000 from Nevada-based Rhino Holdings Vancouver, LLC. The mall's tenants include AMC Theatres and Hobby Lobby.
Allen Properties also bought a 32,150-square-foot office building in Lake Oswego at 4350 Galewood St. for $6,350,000 from Nevada-based GWG Real Estate
Lake Oswego office space has also been very popular lately, as many companies have downsized their in-person offices from downtown to suburban.
The two properties sold by Allen Properties include the J&D Refrigerated Services building 12300 S.E. Carpenter Drive and 8830 S.E. Herbert Ct., both in Clackamas.
The first 181,672-square foot cold storage property along Carpenter Drive sold for $37,600,000 to California investor Cre-Provender Clackamas LLC, which specializes in food properties.
The other cold storage warehouse along Herbert Court sold for $8,800,000 in an all-cash offer to Hawaii-based investment company Watumull Property Corporation.
Portland has long been known as a hub for foodies, as the food and beverage industries thrive along with Oregon's local farmers and creative chefs.
Allen Properties, with the representation of Francis, has yet another significant sale in escrow in West Portland expected to close soon, according to Kidder Mathews.
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