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News release

Chicago

Specht sells Interstate Crossroads Distribution Center

JLL represented the sellers in the $56 million transaction


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PORTLAND, Ore., July 20, 2017 — Specht Development, Inc.,  (Specht), in partnership withPacific Coast Capital Partners, LLC (PCCP), recently sold the Interstate Crossroads Distribution Center (ICDC) — a state-of-the-art warehouse and distribution center located within Portland’s Airport Way industrial submarket located at 16441 NE Cameron Boulevard.

 

JLL’s Capital Markets experts represented Interstate Crossroads, LLC, the partnership between Specht and PCCP. WPT Industrial REIT purchased the 492,554-square-foot building for $56 million.

 

“From start in 2014 to finish, the entire project team worked well together to create a successful development and we are very pleased with the outcome,” said Greg Specht, CEO of Specht Development. “But most importantly we’d like to thank our institutional capital partner, PCCP, and construction lender, Wells Fargo, for their support of the development, making today’s announcement possible.”

 

The property is fully leased by two credit tenants. It sits upon what was one of the last developable sites in the Northeast Columbia Corridor, a highly coveted industrial submarket in Portland that provides connectivity via Interstates 84 and 205, as well as Portland International Airport. 

 

JLL Managing Directors Buzz EllisMark Detmer and Bo Mills, along with Executive Vice PresidentPaige Morgan, and Vice President Ryan Sitov, led the JLL team in the sale of ICDC.

 

“This asset checks all the boxes for an investor,” said Ellis. “Its in-fill location in one of Portland’s best submarket, limited office build-out and flexible space make this exactly what every institution wants to own.”

 

“Portland has one of the top industrial markets in the country, with a vacancy rate just above 3 percent. Opportunities to own a large distribution center in such a great location are few and far between,” said Morgan.

Since June 2014, Specht and its investment partners have purchased and began construction on a total of 1,577,000 square feet of speculative industrial developments in the Portland metropolitan area. Notable work includes: purchasing 38 acres from the Port of Portland and constructing Vista Logistics Park in Gresham, Ore. — the area’s largest speculative industrial project ever launched as a single phase (732,824 square feet) development; purchasing the historic Ballou Wright Building in Portland’s Pearl District (formally the home of Hanna Anderson) and recently completing the $25 million project; developing the $30 million, 352,560-square-foot Portside speculative industrial project in Vancouver, WA; along with completing a 50,000-square-foot fulfillment center for Comcast in northeast Portland.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.