The property is located at NE Portal Way and NE 185th Ave., within Riverside Parkway Corporate Center. Morgan plans to develop a 105,000-square-foot headquarters and distribution facility.
Morgan Distributing is a family-owned business formed in 1959. In 2000, the company purchased the Anheuser-Busch distribution rights for Northeast Portland.
Kirk Olsen with DP Partners says Morgan plans to relocate their existing headquarter/distribution facility from Oregon City once the building is complete in the spring. The company employs approximately 90 people.
CBRE brokers Andy Kangas and Stuart Skag co-brokered the sale. The purchase price translates to $6 per square foot.
Kangas says the property is the best site in Portland due to its visibility, its proximity to the freeway, the Port of Portland and Portland International Airport, and its shovel-ready, fully-entitled condition. He also says the deal adds some life to one of the slowest construction seasons the Portland market has ever seen.
"[The year] has been one of the slowest construction years on record, and it is refreshing to see grading equipment moving dirt on a site," he says. "Outside of the Federal Express development in Troutdale, there is virtually no new industrial construction going on in the Portland metropolitan area right now."
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