Myers Container

The Myers Container Project involved the acquisition and improvement of an existing 181,262 SF industrial building and associated yard area. The property is located on approximately 15.41 acres at 495 N. Holliday St., in Cornelius, Oregon, a submarket of the Portland Metropolitan area.  An affiliate of Specht Development, Inc. acquired the property in February of 2020 for $11.5 million.

At the time of the acquisition, the property was leased to multiple tenants on short-term leases. The Specht team pursued and closed on the investment in conjunction with entering into a long-term master lease for the entire property with the Meyers Container company.  Immediately upon closing, Specht commenced building renovations, tenant improvements and site improvements to allow the master tenant to take occupancy and utilize the facility for their intended purpose.  Specht sold its ownership interest pursuant to the terms of the joint venture in December of 2022 and Specht Properties, Inc. continues to serve as the property manager.