July 12, 2019
PNC Realty Investors acquired Mill Creek Logistics Center, an Amazon-occupied industrial facility in Salem, OR, from Capstone Partners LLC and PCCP, LLC for $105.5 million. The recently-delivered more than one-million-square-foot building is leased by Amazon.
The build-to-suit fulfillment center is located at 4775 Depot Court SE, within the 1.6-million-square-foot industrial park near I-5 and Highway 22. The nearly 550-acre, master-planned site lies within an Oregon Enterprise Zone as well as an E-Commerce Zone, and boasts Home Depot and FedEx as other tenants.
JLL’s Mark Detmer, Bo Mills and Ryan Sitov handled the sale, with local market expertise from JLL’s Buzz Ellis and Adam Taylor. Colliers International’s Paul Breuer and Jerry Matson represented the landlord in the Amazon lease.
Amazon was attracted by a quick development timeline, as well as the key logistics site that draws from a one-million labor pool. It is the seventh deal Capstone’s Portland office has completed with investment partner, PCCP.
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