Westcore, a leading industrial real estate acquisition, development and asset management firm, has acquired Halsey Business Park, an approximately 405,000-square-foot industrial facility in the Portland metropolitan area of Gresham, Oregon for $54.1 million. The property was sold by New York-based DRA Advisors.
Just minutes away from Portland International Airport, the building is located at 18225-18557 NE Halsey St. It is optimally situated in Portland’s Northeast submarket, the area’s largest and best-performing industrial submarket.
“We love infill industrial, especially in Portland where we see land constraints limiting new supply,” said Westcore Director of Acquisitions Peter Mette. “The current tenant configuration provides stable in-place cash flow and the opportunity for income growth over the near-term.”
The project is currently 100% leased to three tenants – American Direct, International Paper and Trailblazer Foods.
Westcore represented itself in the transaction, while Buzz Ellis, Mark Detmer, Ryan Sitov and Tyler Sheils of JLL represented the seller. According to the most recent Portland Industrial Insight report from JLL, as large blocks of space remain scarce, rents continue to escalate, increasing 7.5% over the past year and more than 10% in the Northeast Columbia Corridor during the third quarter of 2021.
“Halsey Business Park is strategically situated in a highly desirable sub-market that is experiencing dramatic rent growth,” said JLL Broker Buzz Ellis. “Westcore will also benefit from the pricing dislocation between Class A and B product in Portland.”
Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.