{"id":1004511694,"date":"2021-02-22T04:38:32","date_gmt":"2021-02-22T12:38:32","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004511694"},"modified":"2021-05-15T10:08:06","modified_gmt":"2021-05-15T18:08:06","slug":"pccp-pays-83m-for-portland-industrial-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pccp-pays-83m-for-portland-industrial-asset\/","title":{"rendered":"PCCP Pays $83M for Portland Industrial Asset"},"content":{"rendered":"
\"Bybee<\/a>

Bybee Lake Logistic Center I & II. Image courtesy of CBRE<\/em><\/p><\/div>\n

PCCP LLC, of Los Angeles, has acquired a 729,610-square-foot, two-building industrial complex in Portland, Ore. CBRE represented the seller, Seattle-based investment firm Washington Capital, on behalf of its clients, in the $82.5 million transaction.<\/p>\n

\n

READ ALSO<\/strong>: Industrial Real Estate 2021 Expectations<\/a><\/p>\n

\n

Bybee Lake Logistic Center I & II consists of two adjacent Class A industrial buildings at 7820\u20137832 N. Leadbetter Road and 14601\u201314621 N. Bybee Lake Court.<\/p>\n

The 37.7-acre project is subject to a long-term ground lease from the Port of Portland and is fully leased to six tenants: Iron Mountain, CJ Logistics, OIA Global Logistics, Independent Dispatch, Bridgetown Enterprises, as well as Mergenthaler Transfer and Storage.<\/p>\n

The Bybee Lake Logistic Center I & II buildings were developed in 2006 and are less than a mile from the Port of Portland in the city\u2019s Rivergate Industrial District.<\/p>\n

\"Bybee<\/a>

Bybee Lake Logistic Center I & II. Image courtesy of CBRE<\/em><\/p><\/div>\n

The property provides immediate access to major highways and freeways, including I-5, SR-120, SR-14 and SR-30. The site is roughly 10 miles from Portland International Airport.<\/p>\n

The CBRE team representing the seller included Brett Hartzell, Paige Morgan, Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox.<\/p>\n

In addition, CBRE\u2019s Val Achtemeier arranged a $55.8 million floating-rate loan with MetLife on behalf of the buyer.<\/p>\n

PCCP could not be reached for comment on the transaction.<\/p>\n

Tight submarket<\/h2>\n

The Portland industrial real estate market is seeing unprecedented appreciation due to a lack of available land for development, accelerating rent growth and an overall attractiveness as a destination, Morgan said in a prepared statement.<\/p>\n

Of Portland\u2019s total 191.4-million-square-foot industrial portfolio, about 15.7 million square feet of space is in the Rivergate submarket. There, total net year-to-date absorption was 124,000 square feet, leaving a vacancy rate of 3.0 percent, according to a fourth-quarter report from JLL. Only about 41,000 square feet of warehouse\/distribution space is currently under construction in the submarket.<\/p>\n

Despite the difficult headwinds over the past year or so for the commercial real estate sector and the overall economy, PCCP has been active as a purchaser (of an office portfolio in Orlando<\/a>), a seller (of a 475,800-square-foot industrial building<\/a> in Pennsylvania\u2019s Lehigh Valley), a lender (for the acquisition of a logistics center in the Bay Area<\/a>) and an advisor (on a nearly $1 billion loan package<\/a> for a 7 million-square-foot nationwide office, industrial and multifamily portfolio).<\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE\u2019s Val Achtemeier arranged a $55.8 million floating-rate loan with MetLife on behalf of the buyer.<\/p>\n","protected":false},"author":882,"featured_media":1004518000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,21742,28440,15],"tags":[32789,32796,32924,33053,49417,33953],"class_list":["post-1004511694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-latest","category-portland","category-west","tag-cbre","tag-jll","tag-metlife","tag-pccp-llc","tag-val-achtemeier","tag-washington-capital-management"],"acf":[],"yoast_head":"\nPCCP Pays $83M for Portland Industrial Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pccp-pays-83m-for-portland-industrial-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PCCP Pays $83M for Portland Industrial Asset\" \/>\n<meta property=\"og:description\" content=\"CBRE\u2019s Val Achtemeier arranged a $55.8 million floating-rate loan with MetLife on behalf of the buyer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pccp-pays-83m-for-portland-industrial-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-22T12:38:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:08:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Bybee-Lake-Logistic-Center-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"608\" \/>\n\t<meta property=\"og:image:height\" content=\"438\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pccp-pays-83m-for-portland-industrial-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pccp-pays-83m-for-portland-industrial-asset\/\",\"name\":\"PCCP Pays $83M for Portland Industrial Asset - 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