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December 19, 2018
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OR Industrial Campus Trades in $26.5 Mil Deal


Meriwether Partners has acquired a 329.5k sf, single-tenant industrial campus in Tualatin, OR for $26.5 mil ($80/sf). Located at 19855-19866 SW 124th Ave., the three-building campus is fully leased to Nortek Air Solutions, LLC and serves as the company’s headquarters and manufacturing facility.

The award-winning, multi-building campus is situated on 25.12 acres and features 32.9k sf of quality office space, 39 grade-level doors, 14 dock-doors, heavy power, LED lighting, rail served, and 291 surface parking spaces.

The property is convenient to Oregon Route 99W and the Interstate 5 and 205 junction. Nortek utilizes the facility for a variety of purposes including sales, research & development, project management, engineering, fabrication, manufacturing, powder coating, assembly, and shipping.

Jim Lewis, Gary Griff and Aaron Watt with Cushman & Wakefield represented the buyer in the transaction. Stu Peterson and Rhys Conrad of Macadam Forbes repped the seller, Huntair Properties LLC.

Lewis commented, “This is a prime example of a buyer looking outside of the traditional real estate boxes in search of higher yields. This campus represented a high quality and highly functional asset in an excellent Tualatin location occupied by a strong tenant—all desirable attributes for an investor.”

According to Cushman & Wakefield’s latest third quarter 2017 market report, Portland’s industrial market remains healthy with overall vacancy at just 3.5%. The third quarter achieved another 870k sf of positive net absorption bringing total occupancy growth to 2.35 msf year-to-date. Occupancy growth is 36% higher through September 2017 than the same nine-month period in 2016.

Watt pointed out, “Portland’s industrial market has remained white hot the last several years. Vacancy across Portland remains at historical lows with the Tualatin submarket, where the Nortek Campus is located, a mere 2.4% vacant. Further, the Tualatin submarket ranks among the strongest growth areas in the region with over 412k sf of occupancy growth year-to-date.”

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