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January 21, 2020
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Oregon Biz Park Trades for $92 Mil

12/09/19

Denver-based Black Creek Group has acquired Vista Logistics Park, a three-building 733.2k sf industrial campus in Gresham, OR, for $93.25 mil ($127/sf). The asset, which is located in the highly desirable Northeast Columbia Corridor of Portland, was sold by Madison-Specht Vista Logistics LLC, a joint venture between a prominent institutional investor and Portland-based Specht Development.

Vista Logistics Park was 73% leased when it was put under-contract with Black Creek Group, however, leasing momentum at the property continued throughout the sale process and occupancy stood at 86.5% upon closing. Vista Logistics Park is leased to Medline, Imperial Brown, Samuel, Son & Co. and Fully. Capacity Commercial Group served as the leasing agent for the seller.

Vista Logistics Park consists of three buildings with minimum 30 clearances, ESFR, LED lighting, generous 190-215 truck courts, ample loading with 158 dock doors, and abundant car and trailer parking. Additionally, building C features cross-dock loading, a 7 reinforced concrete floor slab and 70 trailer stalls.

Vista Logistics Park was completed in 2017 and is the largest, single-phase speculative industrial development project built in Oregon to date. Located at 32-198 SE 223rd Ave in Gresham, the industrial park offers visibility with multiple points of ingress and egress on SE 223rd Ave and NE Hood St.

Paige Morgan, Brett Hartzell, Darla Longo, Eric Cox, Barbara Perrier, Val Achtemeier and Rebecca Perlmutter-Finkel with CBRE represented the seller in the deal.




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