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December 15, 2017
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FedEx Distribution Property in Oregon Trades in $16 Mil Deal

12/06/17

A 91.7k sf, distribution warehouse in the Medford, OR submarket of Central Point has sold for $15.9 mil ($173/sf). The building is fully leased to FedEx Ground, the fastest-growing division of FedEx Corporation and one of the largest small-package ground carriers in North America.

The asset was purchased by Tomchi Oregon LLC and sold by BLT Enterprises, who developed the project ground-up as a build-to-suit for FedEx in 2009, eight years earlier. BLT then completed an expansion of the property in 2015, strategically positioning it to perform over time and adapting to the region’s ongoing growth.

“Our ability to operate the asset as cash flow positive with an in-place lease to a Fortune 100 company that has continued to demonstrate its commitment to the property, ultimately positioned the asset for strong investor interest,” commented Bernard Huberman, Founder & President of BLT Enterprises. “This asset’s steady income stream coupled with the explosive growth throughout the region made this an ideal time to sell.”

The Medford region has experienced a population boom met with positive job growth over the last several years. Between 2000 and 2014, its population grew by nearly 70%. The city was also recently named one of the Top 20 Cities for Job Growth by Forbes.

David Weinberg, Paul Kerber and Adam Lewis of Marcus & Millichap represented BLT Enterprises in the deal. Barbara Kreis of Sperry Van Ness repped the buyer.





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