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5/13/21
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ScanlanKemperBard Companies (SKB) has obtained $12.3 mil in bridge financing for the acquisition and repositioning of a 173.8k sf industrial warehouse and manufacturing building in the suburban Portland, OR community of Milwaukie. The property is located at 2515-2517 SE Mailwell Dr.
Situated on approximately 6.7 acres, the one-building property is in the North Milwaukie Industrial / Innovation Area (“NMIA”), which has been deemed the business district that drives employment and economic development by the city of Milwaukie. 2515-2517 SE Mailwell Dr is also in an infill location within the highly sought-after Clackamas/Milwaukie Industrial submarket, which, according to JLL Research, has a low 6.4% vacancy rate at the end of the first quarter of 2021.
SKB will be executing a comprehensive capital improvement plan to transition the asset into a highly functional multi-tenant industrial facility. The building was constructed originally in 1957 and was 9% leased at the time of closing. The renovated building will have nine dock-high doors, three grade-level doors, three reconfigured suites with office space and additional parking, along with maintenance and façade upgrades as well as improved site functionality.
Tom Wilson and Zach Kersten with JLL Capital Markets Debt Placement team placed the three-year, floating-rate loan with a debt fund. Loan proceeds will fund the acquisition and future renovations.
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