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10/09/18
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Airport Way Corporate Park, a 140.7k sf, Class A industrial park in Portland, OR, sold for $22.25 mil ($158/sf). Constructed in 1992-2008, the property features full sprinkler systems, dock high and grade level loading, abundant power, above standard parking and high visibility from Airport Way.
Located at 12021 NE Airport Way, 12067 and 12055 NE Glenn Widing in the highly desirable Northeast submarket of Portland, the three-building property is currently 95% leased to 15 tenants. The property’s proximity to the Portland International Airport and adjacency to freeways provide tenants with convenient access to local amenities and coverage to the Portland market and Northwest region.
The seller, Airport Way LLC, was represented by Cara Nolan and Barbara Emmons of CBRE. CBRE will continue as the leasing agent for the property. According to Nolan, Airport Way Corporate Park was one of only a few Portland multi-tenant industrial investment sales so far this year that was widely marketed.
The Portland industrial real estate market is experiencing historically low vacancy rates at 3.8% and record absorption thanks to the limited land available for development and limited new multitenant construction.
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