Westcore Acquires $54M Industrial Facility Near Portland
The firm has purchased a 405,000-square-foot property in Gresham, OR from DRA Advisors.
PORTLAND, OR – Fully-integrated commercial real estate investment firm, Westcore has purchased a 405,000-square-foot industrial facility outside of Portland, OR for $54.1 million. The firm acquired the property from New York-based DRA Advisors.
The acquired asset, Halsey Business Park, is located at 18225-18557 NE Halsey St. in Gresham, OR, near the Portland International Airport.
Halsey Business Park is currently 100% leased to three tenants, including American Direct, International Paper and Trailblazer Foods.
The facility is situated in Portland’s Northeast submarket, which serves as the area’s best-performing and largest industrial submarket. JLL’s most recent Portland Industrial Insight report states that large blocks of industrial space remain scarce in the area and rents continue to escalate, increasing 7.5% during the past year. In the Northeast Columbia corridor, rents increased more than 10% during Q3 2021.
“We love infill industrial, especially in Portland where we see land constraints limiting new supply,” says Peter Mette, director of acquisitions at Westcore. “The current tenant configuration provides stable in-place cash flow and the opportunity for income growth over the near-term.”
JLL’s Buzz Ellis, Mark Detmer, Ryan Sitov and Tyler Sheils represented the seller in the transaction. Westcore represented itself in the transaction.
“Halsey Business Park is strategically situated in a highly desirable sub-market that is experiencing dramatic rent growth,” says JLL Broker Buzz Ellis. “Westcore will also benefit from the pricing dislocation between class A and B product in Portland.”