Portland’s industrial market is recording unprecedented appreciation due to a lack of available land for development, accelerating rent growth and its appeal as a destination, says Paige Morgan of CBRE. As a recent example, Bybee Lake Logistic Center I & II, a two-building industrial complex in Portland, was recently acquired by PCCP LLC for $82.5 million.

Located at 7820-7832 North Leadbetter Rd. and 14601-14621 North Bybee Lake Court, Bybee Lake Logistic Center I & II is comprised of two class-A industrial buildings totaling 729,610 square feet on 37.7 acres. The project sits on a long-term ground lease with the Port of Portland and is 100 percent leased to six tenants including Iron Mountain, CJ Logistics, OIA Global Logistics, Independent Dispatch, Bridgetown Enterprises, and Mergenthaler Transfer and Storage.

Bybee Lake Logistic Center I & II was developed in 2006 and is located less than one mile from the Port of Portland in the Rivergate Industrial District.

Along with Morgan, Brett Hartzell, Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox of CBRE represented the seller, Seattle-based investment firm Washington Capital on behalf of its clients, in the transaction. Val Achtemeier of CBRE arranged a $55.8 million floating rate loan with MetLife on behalf of the buyer.