PORTLAND, OR-Cushman & Wakefield has completed the sale of the Mason Street Corporate Park to Clarion Partners.
The two tenant, 134,000-square foot industrial building was owned by 16785 NE Mason Street LLC and purchased by a subsidiary of Clarion. The sale price was undisclosed.
“This transaction is significant in that it is the first institutional purchase of a fully stabilized, free-standing big box industrial property in the Northeast Portland submarket since 2009,” said Jim Lewis, director C&W's Portland-based Capital Markets team. “We had strong investor interest, and it shows that buyers are turning their focus to the Portland market after overlooking the market in favor of Seattle, San Francisco and Los Angeles over the last several years.”
Mason Street Corporate Park, completed in 2002, is located at 16785 NE Mason Street in the Airport Way submarket. The building was 100% leased at the time of sale with American Tire Distributors and Applied Industrial Technologies occupying the site.
Lewis, associate director Aaron Watt and senior director Gary Griff represented the investor on behalf of C&W. Clarion currently owns approximately 2.5 million square feet of industrial product in the Portland market.
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