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April 5, 2020
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Portland Area Industrial Asset Trades in $11 Mil Deal

3/04/20

Myers Container Building, a 181.3k sf industrial facility on 15 acres in the Portland area, was purchased for by $11.2 mil ($62/sf) by a joint venture between The Specht Company and the owner/operators of the Myers Container family of companies.

The building is 100% leased to Myers Container LLC, and Container Management Services LLC, with four sublease tenants: Curls’ Transportation, Old Trapper, Omega Morgan, and Serv-Pro. Building amenities include 25-to-28-ft clear heights and covered dock and grade loading.

Built in 1991, and expanded in 1994 and 1996, the property is located at 495 Northeast Holladay Street in Cornelius, 35 minutes west of downtown Portland in Cornelius’ Enterprise Zone. The region is home to several retailers and wholesalers, as well as a growing number of logistics and distribution companies.

The purchase was made with $10.65 mil in total financing, which included a $7.16 mil loan at acquisition and an additional $3.49 mil of available future funding capital to complete the redevelopment of the site to suit Myers’ business requirements. The 10-year fixed-rate permanent loan was arranged by Nick Santangelo with CBRE and provided by East West Bancorp Inc, of Pasadena.

“The Portland industrial market is booming as several large tech and apparel companies have announced recent expansions in the region totaling in the multi-million-square-foot range,” stated Santangelo. “With vacancy rates so low and new construction limited, demand for industrial product will remain strong for the foreseeable future.”

Rob McEachern and Jake Bigby of CBRE’s Portland office represented the buyer in the acquisition.







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