224 Logistics Park

This industrial facility is located on 62 acres at 6433 SE Lake Road in Milwaukie, Oregon, a submarket of the greater Portland, Oregon metro area. In a joint venture between real estate funds managed by Ares Management, L.P and an affiliate of Specht Development, Inc. the property was purchased in a short-term sale-leaseback transaction for $48.5 million.

The property was previously used as a distribution center for grocery wholesaler SuperValu. The 1,012,428 square-foot property includes warehouse, distribution and manufacturing space, freezer/cooler space, and ample room for truck maneuvering and excess trailer storage. It also has a separate 48,000-square-foot office on the site. Prior to expiration of the SuperValu lease, the standalone 116,000 freezer building was leased to C&S Wholesale Grocers.

Specht then began the complete four year renovation to modernize the property, such as new roofing, dock doors, structural upgrades, and various site improvements. Then the entire property was released and successfully sold in the fall of 2024.