November 12, 2018
A joint venture between real estate funds managed by Ares Management, L.P. and an affiliate of Specht Development, Inc. purchased an industrial facility in Milwaukie, OR, for $48.5 million. The property is located on 62 acres at 6433 SE Lake Rd., in a submarket south of Portland.
The site currently serves as a distribution center for SUPERVALU, which will continue to occupy the facility. At the end of the grocery wholesaler and retailer’s lease, the JV plans to renovate and modernize the property.
The 992,190-square-foot property includes warehouse, distribution and manufacturing space, freezer/cooler space, and ample room for truck maneuvering and excess trailer storage, as well as a separate 48,000-square-foot office.
Capacity Commercial Group’s Don Ossey brokered the transaction, and brought the off-market opportunity to the JV. ACORE Capital’s Josh Katzin originated the acquisition loan. JLL’s Buzz Ellis, Paige Morgan, Brian Halpern, Alex Kane, and Mark Detmer sourced both the debt and equity for the property.
For comments, questions or concerns, please contact Dennis Kaiser