Portland 2 - Pack Portfolio_Property for Sale
Portland 2 - Pack Portfolio_Property for Sale
Portland, OR - United States

Portland 2 - Pack Portfolio

Portfolio description

JLL Industrial Capital Markets, as exclusive advisor, is pleased to present the opportunity to acquire the fee-simple interest in the Portland 2-Pack Portfolio, comprised of 16393-16441 NE Cameron Boulevard “Interstate Crossroads Distribution Center” or “ICDC” and 11632 NE Ainsworth Circle “Johnstone Supply”, individually the “Property” and collectively the “Properties” or “Portfolio”. The Portfolio is comprised of two fully leased distribution buildings totaling 618,757 SF situated in Portland’s NE Columbia Corridor submarket, east of I-205.  Interstate Crossroads Distribution Center, built in 2015, features 32’ clear heights, 104 dock high doors and 7 grade level doors, and a 135’ truck court. The Property is 100% Leased to LKQ and Staples Business Advantage, both of which have occupied the asset since delivery. The Property uniquely features ± 92,000 SF of IOS/Yard area currently improved with 78 trailer stalls with the ability to expand.


Johnstone Supply was built in 1991 and features 24’ clear height, 18 dock high doors, 1 grade level door with drive-in capability, parking for 1.31 cars / 1,000 SF, and visible signage from NE Airport Way. Johnstone Supply occupies 100% of the building as their only Pacific Northwest distribution facility and corporate global headquarters. The tenant, who has been a fixture in the Portland market for over 65 years, has demonstrated their commitment to the location by renewing their lease three times at the Property.


Collectively, the Portfolio presents investors the opportunity to acquire two institutional quality distribution assets at a discount to replacement cost in Portland’s premier industrial submarket. ICDC provides a rare opportunity to acquire a Class A bulk distribution asset with significant mark to market upside and Johnstone Supply offers strong in-place income with future optionality given the low site coverage.

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Attributes

Building area gross
57,494 sm
Land area gross
14.67 ha
Occupancy
100%
Grade level doors
8
Loading docks
122
Buildings
2
Portland 2 - Pack Portfolio (2 Properties)
Portland 2 - Pack Portfolio (2 Properties)

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Investment highlights

Interstate Crossroads Distribution Center

  • Institutional Class A distribution product
  • Highly functional tenant spaces
  • Low-cost lighting
  • Excess trailing parking
  • Optimal building depths provides the Property with a competitive leasing advantage with the ability to accommodate single and multi-tenant configurations

 

Johnstone Supply

  • Longstanding headquarters for Johnstone Supply, one of only six Johnstone Supply national distribution centers, and the only location servicing the PNW
  • Committed tenancy
  • Corporate identity
Portland 2 - Pack Portfolio 4_Property for Sale
Portland 2 - Pack Portfolio 4_Property for Sale

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Last updated
Jul 22, 2024