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October 27, 2021
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OR Last-Mile Facility Fetches $218/sf

10/12/21

A 129.8k sf, last-mile delivery station in Salem, OR sold for $28.25 mil ($218/sf). The property, located at 5475 Gaffin Rd SE, was a former solar panel plant owned and operated by Panasonic.

The Panasonic operation closed September 2017 and was acquired in March 2018 by facility turn-around specialist, the Reich Brothers of White Plains, NJ. The Reich Brothers leased the entire facility to a Fortune 100 e-commerce company in the fall of 2019. Both Reich and the tenant did extensive renovations in the ensuing 12 months to customize the building.

Craig Tomlinson with Stan Johnson Company represented the buyer, SPC LLC, a prominent New Jersey owner and syndicator. According to Tomlinson, the deal set a record for price per square foot in the state of Oregon.




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