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10/07/21
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SPC Acquisition Company LLC paid $28.25 mil for a 129.9k sf ($217.5k/sf), freestanding distribution building on nearly 20 acres with a 10+ acre excess parking facility in Salem, OR. The property is 100% leased to a global Fortune 100 e-commerce company.
Built in 2009 and completely renovated in 2019, the single-tenant facility is located at 5475 Gaffin Rd in the heart of the Willamette Valley. The property features efficient ingress/egress, 24 to 38-foot clear height, full building circulation, dock-high and grade-level loading, heavy power, covered drive-through capability and a fully improved overflow parking area of 10+ acres. It is positioned amidst other major quality corporate occupiers.
The project is located in the Salem Business Campus, formerly known as the Salem Renewable Energy & Technology Center, a 48-acre development. Salem is the capital city of Oregon and is located approximately 45 miles south of Portland.
Jeff Chiate, Jeffrey Cole, Bryce Aberg, SIOR, Ed Hernandez, Mike Adey, and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller, Reich Brothers, in the transaction. The firm’s Jeff Morgan, Aaron Watt and Keegan Clay also provided market leasing advisory.
“This was a rare investment opportunity consisting of a critical e-commerce, last mile facility on an abundant site with a high credit tenant, and that is positioned in one of the Pacific Northwest’s strongest industrial submarkets,” said Aberg. “Additionally, the state-of-the-art project is optimally located just a few miles from Interstate 5, providing ideal access to the residential population in the immediate area.”
“The industrial sector has remained among the most attractive asset classes in commercial real estate for investors given the ongoing robust demand and as it is outpacing supply needs across the country,” said Jeff Chiate, Vice Chairman. “The first half of 2021 reported record-setting statistics for the US, with Q2 2021 absorbing the most space in a single quarter that Cushman & Wakefield has ever tracked. We expect 2021 to be another strong year overall in terms of new leasing and therefore sales activity.”
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