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Release Date: Monday, February 10, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Transaction is first institutional purchase of fully stabilized, free-standing big box industrial property in NE Portland since 2009
PORTLAND, Ore. – Feb. 10, 2014 – Cushman & Wakefield announced today the sale of the Mason Street Corporate Park to Clarion Partners.
The two tenant, 134,000-square-foot industrial building was owned by 16785 NE Mason Street LLC and purchased by a subsidiary of Clarion. Sale price was undisclosed.
“This transaction is significant in that it is the first institutional purchase of a fully stabilized, free-standing big box industrial property in the Northeast Portland submarket since 2009,” said Jim Lewis, director Cushman &Wakefield’s Portland-based Capital Markets team. “We had strong investor interest, and it shows that buyers are turning their focus to the Portland market after overlooking the market in favor of Seattle, San Francisco and Los Angeles over the last several years.”
Mason Street Corporate Park, completed in 2002, is located at 16785 NE Mason Street in the Airport Way submarket. The building was 100 percent leased at the time of sale with American Tire Distributors and Applied Industrial Technologies occupying the site.
Lewis, Associate Director Aaron Watt, and Senior Director Gary Griff represented the investor on behalf of Cushman &Wakefield. Clarion currently owns approximately 2.5 million square feet of industrial product in the Portland market.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privatelyheld commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 16,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.