A last-mile delivery station in Salem, OR was recently acquired by SPC LLC, a New Jersey owner and syndicator. The building traded for $28.25 million, setting a price-per-square-foot record in Oregon.
The property is a 129,760-square-foot former solar panel plant owned and operated by Panasonic. The Panasonic operation closed in September 2017 and was acquired in March 2018 by facility turnaround specialist, the Reich Brothers of White Plains, NJ. The Reich Brothers leased the entire facility to a Fortune 100 e-commerce company in fall 2019. Both Reich and the tenant did extensive renovations in the ensuing 12 months to customize the building.
“This deal is proof that investment-grade single-tenant industrial properties of this size are no longer just an institutional play,” said Craig Tomlinson, senior director and partner in Stan Johnson Company’s Tulsa headquarters, who brokered the transaction.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.