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The property is a single-story, 51,420-square-foot Class A industrial asset featuring solar panels, oversized loading capacity, and a flexible design that can support multiple tenants.
Located in Hillsboro, Oregon, the property sits within the highly desirable Sunset Corridor submarket of western Portland and enjoys easy access to Highway 26.
Hillsboro is a top 10 U.S. data center market and represents the epicenter of the “Silicon Forest”. Home to Intel’s largest and most comprehensive site in the world for research and manufacturing, Hillsboro is recognized globally for its concentration of semiconductor manufacturing, micro-electronics, bioscience, software, and information technology companies.
Built in 2017 as the corporate headquarters for Greenspace Exhibits, the property is partially leased to Beaverton Foods, the gourmet condiment producer.
The property aligns with Palisade’s industrial strategy to acquire high-quality, infill-located buildings that cater to multiple user groups in high-growth markets.
Total purchase price for the property was $9,620,000, or $187 psf. The attractive pricing, which is below replacement cost and recent sales transactions in the market, was facilitated by debt financing through Andover Properties.
“There is essentially zero available inventory for users seeking space in this size range, and the strategic location, along with the like-new condition of this property, made it a very attractive investment opportunity,” said David Moore, managing principal for Palisade.
Scott Murphy with Kidder Mathews represented the seller. Josh Goudy and Jon Rubey with Colliers represented the buyer.
About Palisade Group
Palisade Group provides real estate investment management services with a focus on value-add investments in lifestyle and gateway submarkets across the U.S. Its principals have decades of experience developing, acquiring, improving, and operating commercial real estate across office, residential, industrial, medical, and mixed-use property types.
For more information, please visit: www.palisadegrp.com.
David Moore
Palisade Group
[email protected]
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