Descriptif

JLL Industrial Capital Markets is pleased to present the opportunity to acquire the fee-simple interest in Johnstone Supply or the “Property”– a 127,326 square foot single tenant distribution center located in the heart of the NE Columbia Corridor. The Property is 100% leased to Johnstone Supply, serving as the tenant’s longstanding corporate global headquarters and only regional distribution center in the Pacific Northwest.

Johnstone Supply has operated out of the Property for over 35 years and has demonstrated its commitment to the location by renewing its lease three times. With 2.2 years of remaining lease term and 3.75% annual escalations, the offering presents upside in Johnstone Supply’s remaining 5-year renewal option at the greater of fair market value or the previous year’s rent increased by 3.75%.

The Property features 24’ clear height, a large 120’ truck court, and 166 parking stalls with an attractive 1.30 / 1,000 SF parking ratio. The Property’s location less than 1 mile from I-205 and less than 3 miles from I-84 presents ideal accessibility to Portland’s key transportation networks. Additionally, the Property’s distance from Portland International Airport (PDX) in just under 2 miles is critical to Johnstone Supply’s occupancy – enabling efficient air, ground, rail, and marine transportation.

Johnstone Supply presents investors with the opportunity to acquire an institutional-quality, distribution center at a discount to replacement cost and 100% leased to Johnstone Supply as its corporate headquarters. The Property’s highly infill location in the NE Columbia Corridor provides premium access to the region’s major transportation networks, supported by strong historical rent growth, low vacancy, and significant leasing demand. The Property’s location will continue to benefit from infill land constraints and the supply-demand imbalance created by Portland’s Urban Growth Boundary, along with the region’s deep and growing labor pool.

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