Westcore Continues Infill Industrial Love with Halsey Buy

Westcore recently acquired Halsey Business Park, an approximately 405,000-square-foot industrial facility in the Portland metro area of Gresham for $54.1 million. The property was sold by New York-based DRA Advisors.

Just minutes away from Portland International Airport, the building is located at 18225-18557 NE Halsey St. It is situated in Portland’s Northeast submarket, the area’s largest and best-performing industrial submarket.

“We love infill industrial, especially in Portland where we see land constraints limiting new supply,” said Peter Mette, Westcore director of acquisitions. “The current tenant configuration provides stable in-place cashflow and the opportunity for income growth over the near term.”

The project is fully leased to three tenants, American Direct, International Paper and Trailblazer Foods.

Westcore was self-represented in the transaction, while Buzz Ellis, Mark Detmer, Ryan Sitov and Tyler Sheils of JLL represented the seller.

According to JLL’s most recent Portland Industrial Insight report, as large blocks of space remain scarce, rents continue to escalate, increasing 7.5 percent from the past year and more than 10 percent in the Northeast Columbia Corridor during third quarter 2021.

“Halsey Business Park is strategically situated in a highly desirable submarket that is experiencing dramatic rent growth,” said Ellis. “Westcore will also benefit from the pricing dislocation between class- A and -B product in Portland.”