Westcore, a leading industrial real estate acquisition, development and asset management firm, has acquired Halsey Business Park in Gresham, Oregon (near Portland) for $54.1 million. Close to Portland International Airport, the property is located at 18225-18557 NE Halsey St. The approximately 405,000-square-foot industrial facility was sold by New York-based DRA Advisors.
“We love infill industrial, especially in Portland where we see land constraints limiting new supply,” said Peter Mette, Westcore’s Director of Acquisitions. “The current tenant configuration provides stable in-place cash flow and the opportunity for income growth over the near-term.”
The building is currently 100% leased to three (3) tenants – American Direct, International Paper, and Trailblazer Foods. It is situated in Northeast Portland, the area’s largest and best-performing industrial submarket.
Westcore represented itself in the transaction, while Buzz Ellis, Mark Detmer, Ryan Sitov and Tyler Sheils of JLL represented the seller.
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