Specht Joint Venture Acquires Grocery Distribution Center
A joint venture between real estate funds managed by Ares Management, L.P. (NYSE: ARES) and an affiliate of Specht Development, Inc. announced the $48.5 million purchase of an industrial facility located on 62 acres at 6433 SE Lake Road in Milwaukie, Oregon, a submarket of the greater Portland, Oregon area. The transaction closed on October 26, 2018.
The property is currently used as a distribution center for grocery wholesaler and retailer SUPERVALU, which will continue to occupy the facility. At the end of SUPERVALU’s lease, the joint venture plans to renovate and modernize the property, including such improvements as new roofing, dock doors, and structural upgrades.
The 992,190-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.