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Oregon Industrial Asset Trades in $20 Mil Transaction

8/10/23

STAG Industrial acquired Beaverton Industrial Center, a recently renovated 121.4k sf multi-tenant industrial/distribution project on 6.4 acres in Beaverton, OR, for $20.6 mil ($170/sf).

Originally constructed in the 1960s and extensively upgraded in 2021, the property consists of two freestanding distribution buildings located at 5805 and 5807 SW 107th Ave. The buildings were fully leased to four tenants at the time of sale.

The location provides a highly desirable location just off Hwy 217 and in close proximity to Hwy 26, Oregon Route 8, and Interstate 5, several airports, and the Portland city center, providing exceptional regional, national and international access.

Cushman & Wakefield’s Bryce Aberg, Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Zach Harman, and Brad Brandenburg represented the seller, BKM Capital Partners, in the transaction. C&W’s Aaron Watt and Keegan Clay, along with Greg Nesting of Norris & Stevens Inc, provided local market advisory.

“This is a prime industrial/distribution asset located in the 217 Corridor/Beaverton submarket, a preferred location for industrial tenants within the surrounding Portland markets,” said Aberg. “Beaverton Industrial Center is 100% leased to a strong, highly diversified tenant mix, and offers institutional quality, stable cash flow, and attractive lease terms with staggered expirations. Beaverton’s strong industrial market fundamentals, together with the project’s exceptional quality and financial profile, created a rare investment opportunity in one of Portland’s most sought-after submarkets.”

According to Cushman & Wakefield’s latest mid-year market report, the Portland Industrial market closed Q2-2023 with a tight direct vacancy rate of 2.6%, with the Beaverton/Hwy 217 submarket even tighter at just 2.0%. Portland also recorded more than 500k sf of positive net absorption (occupancy growth) in the second quarter, some of which stemmed from modest growth in the Beaverton/Highway 217 submarket.






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