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2/18/21
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Bybee Lake Logistic Center I & II, a two-building industrial complex in Portland, was acquired by PCCP LLC, a Los Angeles-based real estate investment firm, for $82.5 mil. The purchase was financed with a $55.8 mil, floating rate loan arranged by CBRE and funded through MetLife.
Located at 7820-7832 North Leadbetter Rd and 14601-14621 North Bybee Lake Ct, Bybee Lake Logistic Center I & II is comprised of two Class A industrial buildings totaling 729.6k sf on 37.7 acres. The project sits on a long-term ground lease with the Port of Portland and is 100% leased to six quality tenants including Iron Mountain, CJ Logistics, OIA Global Logistics, Independent Dispatch, Bridgetown Enterprises, and Mergenthaler Transfer and Storage.
Bybee Lake Logistic Center I & II was developed in 2006 and is strategically located less than one mile from the Port of Portland in Portland’s Rivergate Industrial District. The property provides immediate access to major highways and freeways, including I-5, SR-120, SR-14 and SR-30. The site is within 13 miles of downtown Portland and Portland International Airport.
Brett Hartzell, Paige Morgan, Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox of CBRE represented the seller, Seattle-based investment firm Washington Capital on behalf of its clients, in the transaction. CBRE’s Val Achtemeier arranged the new loan.
“The Portland industrial real estate market is seeing unprecedented appreciation due to a lack of available land for development, accelerating rent growth and its overall attractiveness as a destination,” said Morgan.
Major West Coast markets have trended positively for industrial product despite pandemic conditions, with local sentiment for tenants improving even quarter-over-quarter. Though recovery is still forecast for 2021, the Portland industrial market has continued to record positive net gains overall, according to a CBRE research report.
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