FAIRVIEW, OR—CBRE has closed the sale of the Birtcher Center, a three building 397,934 square foot industrial complex located at Townsend Way in Fairview to Invesco Real Estate.
CBRE marketed the property on behalf of the seller, a fund managed by Cornerstone Real Estate Advisers. The property was on the market for just 45 days before a deal was finalized.
A collaborative team of CBRE professionals, including Brett Hartzell in Seattle, Stuart Skaug in Portland and Darla Longo in Oakland, CA, represented the seller in the transaction. The seller developed Birtcher Center on the 20.2-acre property that it purchased from Townsend Farms in 2007.
“The northeastern Airport Way submarket is one of the most sought after industrial markets in the region,” said Hartzell of CBRE. “These buildings represent some of the highest institutional quality product for sale in Portland in the past few years.”
Located less than 10 miles from the airport in one of Portland's strongest industrial submarkets, Birtcher Center at Townsend Way features 50 foot concrete truck aprons, ample parking, good street access and a diverse tenant mix of different distribution, logistics and light manufacturing companies, including Archive Systems, Connor Manufacturing and Intertek Testing. The project was certified LEED Gold in 2008 and was 88% leased at the time of closing.
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the US, UK, Europe, and Asia, is one of the largest global real estate investment managers. Invesco Ltd. is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
