LOS ANGELES – March 18, 2014 – A fund advised by CBRE Global Investors has acquired a four-building, multi-tenant, Class A industrial portfolio located in the Portland, Ore., area.
Totaling 307,970 sq. ft., the portfolio includes three buildings at 19963-20055 NE San Rafael St. within the Rockwood Corporate Center in Portland and one building at 21151-21249 SW 115th Ave. within the 115th Commerce Park in Tualatin, Ore. Located within two established industrial parks, the portfolio is fully leased to six tenants.
The three buildings acquired in the Rockwood Corporate Center were constructed in 2008 and total 122,050 sq. ft., with clear heights between 24 and 26 feet, Early Suppression Fast Response sprinklers, single-side loading packages, ample car parking and varying office build-outs.
The building acquired in the 115th Commerce Park was constructed in 2009 and features 185,920 sq. ft. of Class A warehouse/manufacturing space with a 30-foot clear height, Early Suppression Fast Response sprinklers, 6 percent office build-out with the ability to add two more office pods upon rollover, over-standard electrical improvements including T-8 lighting, and is LEED Silver certified (Core + Shell). The asset also features concrete truck courts, excellent access to regional freeways and ample car parking.
Representing the newest deliveries to the submarket, the buildings feature high-quality construction and state-of-the-art building design and specifications to capture Portland’s best-in-class tenancy. The portfolio offers a secure income stream with upside potential.
“The quality of these buildings coupled with the market profile make this an ideal investment,” said Kim Hourihan, Portfolio Manager. “Portland has below-average market volatility, reducing the likelihood of large value swings caused by capital markets. Additionally, the Portland MSA has limited land available for industrial development with high barriers to delivering new supply, allowing property values to appreciate.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.1 billion in assets under management* as of Dec. 31, 2013. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 37,000 employees in more than 300 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.