In investors’ search for often-elusive industrial properties, some have turned to lesser-known submarkets for opportunities. Such was the case for Exeter Property Group, a Pennsylvania-based real estate firm.

Exeter recently acquired Nortek Air Solutions Campus, an industrial property in Tualatin, OR located at 19855 SW 124th Ave. The 329,474-square-foot property is 100 percent leased to Nortek Air Handling Solutions and includes three warehouse/manufacturing buildings on 25.12 acres. 

Paige Morgan of CBRE represented the seller, Meriwether Tualatin LLC, a private partnership that includes the principals of Meriwether Partners along with private investors.

“The Portland real estate market is seeing record investor demand for industrial assets and significant pricing appreciation due to a lack of buying opportunities. In their quest for industrial deals, investors are open to new submarkets and more specialized assets like the Nortek Building,” said Morgan.

The Portland industrial market has continued to perform well throughout the pandemic, averaging 376,000 square feet of positive absorption per quarter in the last 12 months, bringing the running total to slightly more than 1.5 million square-feet since the shutdown began, according to a CBRE research report.