December 9, 2019
Vista Logistics Park, a three-building 733,232-square-foot industrial campus in Gresham, OR, sold for $93.25 million. Denver-based Black Creek Group acquired the property from Madison-Specht Vista Logistics LLC, a JV between New York Life Real Estate Investors LLC, and Portland-based Specht Development.
Completed in 2017, Vista Logistics Park is the largest, single-phase speculative industrial development project built in Oregon to date. The asset at 32-198 SE 223rd Ave. was 73% leased when it was put under-contract, though leasing momentum continued throughout the sale process and occupancy stood at 86.5% upon closing. Vista Logistics Park is leased to Medline, Imperial Brown, Samuel, Son & Co. and Fully.
CBRE’s Paige Morgan, Brett Hartzell, Darla Longo, Eric Cox, Barbara Perrier, Val Achtemeier and Rebecca Perlmutter-Finkel represented the seller.
CBRE’s Morgan says, “This is a Class A property in a prime distribution location, with excellent access to downtown Portland and the I-84 freeway.”
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