By Adina Marcut
CBRE represented Panattoni Development in the sale of a 12.6-acre industrial site at Panattoni’s Portland Portal Distribution Center in Gresham, Ore. Andy Kangas, CBRE’s President worked on behalf of the seller. Macadam Forbes’ brokers Rod Brokenshire and Stu Peterson worked on behalf of the buyer, a local food distributor.
Located at 172nd NE and Sandy Blvd, the Portland Portal Distribution Center is a few minutes north of Interstate 84. The building is close to U.S. Bank, Pacific Northwest Carpenters Institute and CEVA Logistics. Additionally, the Portland International Airport is seven miles from the distribution center.
The development marks the third major build-to-suit project in the Northeast submarket in the past 24 months. The company sold the asset under a fee development arrangement, which made it attractive for the buyer.
This transaction marks Panattoni’s second in Portland’s Northeast submarket in the past year. The company’s latest transaction included the sale of Mary’s Gone Crackers, a Class A manufacturing and distribution center in Reno, Nev.
Image via Google Street View