Specht Sells Interstate Crossroads Distribution Center
Specht Development, Inc. in partnership with Pacific Coast Capital Partners, LLC (PCCP), recently sold the Interstate Crossroads Distribution Center (ICDC) — a state-of-the-art warehouse and distribution center located within Portland’s Airport Way industrial submarket located at 16441 NE Cameron Boulevard.
JLL’s Capital Markets experts represented Interstate Crossroads, LLC, the partnership between Specht and PCCP. The 492,554-square-foot building sold on July 5, 2017 for $56 million.
“From start in 2014 to finish, the entire project team worked well together to create a successful development and we are very pleased with the outcome.” said Greg Specht, CEO of Specht Development. “But most importantly we’d like to thank our institutional capital partner, PCCP, and construction lender, Wells Fargo, for their support of the development, making today’s announcement possible.”
The property is fully leased by two credit tenants. It sits upon what was one of the last developable sites in the Northeast Columbia Corridor, a highly coveted industrial submarket in Portland that provides connectivity via Interstates 84 and 205, as well as Portland International Airport.
JLL Managing Directors, Buzz Ellis, Mark Detmer and Bo Mills, along with Executive Vice President, Paige Morgan, and Vice President, Ryan Sitov, led the JLL team in the sale of ICDC.
“This asset checks all the boxes for an investor,” said Ellis. “Its in-fill location in Portland’s best submarket, limited office build-out and flexible space make this exactly what every institution wants to own.”
“Portland has one of the top industrial markets in the country, with a vacancy rate just above three percent. Opportunities to own a large distribution center in such a great location are few and far between,” said Morgan.
Since June of 2014, Specht and its investment partners have purchased and began construction on a total of 1,577,000 square feet of speculative industrial developments in the Portland metropolitan area. Notable work includes: purchasing 38 acres from the Port of Portland and constructing Vista Logistics Park in Gresham, Ore. — the area’s largest speculative industrial project ever launched as a single phase (732,824 square feet) development; purchasing the historic Ballou Wright Building in Portland’s Pearl District (formally the home of Hanna Andersson’s corporate headquarters) and recently completing the $25 million project; developing the $30 million, 352,560 square foot Portside speculative industrial project in Vancouver, WA; along with completing a 50,000 square foot fulfillment center for Comcast in northeast Portland.