Stockbridge Sells Fully Leased Portland Industrial Asset
- Jan 20, 2020
Stockbridge has sold a 126,303-square-foot industrial facility in Portland, Ore., for $16.2 million. The asset last changed hands in 2014, when the company acquired it for $27.8 million, in a portfolio sale from Industrial Property Trust, according to public records. JLL Capital Markets represented the seller in the transaction.
Located at 11632 NE Ainsworth Circle, the property is triple-net leased to Johnstone Supply Inc., which has occupied the facility since its construction in 1991. Currently serving as the firm’s global headquarters, the distribution center features 24-foot clear heights, 18 dock-high doors, one drive-in grade-level door and office space.
The warehouse is in the NE Columbia Corridor Submarket, roughly 3 miles from Portland International Airport and 11 miles from the Port of Portland’s Terminals Two, Four, Five and Six. Additionally, the property is less than 1 mile east of Interstate 205 and approximately 3 miles from its interchange with Interstate 84.
JLL Managing Directors Mark Detmer, Bo Mills and Buzz Ellis, along with Senior Director Ryan Sitov and Director Adam Taylor, negotiated the deal on behalf of the seller. Last November, Stockbridge expanded its industrial footprint with the acquisition of an 8.7 million-square-foot logistics portfolio featuring 17 fully stabilized properties in nine U.S. markets.