Ascentris, a Denver-based real estate private equity company, on behalf of one of its public retirement system clients, has sold the Cameron Distribution Center, a 321,000 square foot light industrial building located in the Airport Way submarket of Portland, Oregon.
Ascentris, a Denver-based real estate private equity company, on behalf of one of its public retirement system clients, announced today the sale of Cameron Distribution Center, a 321,000 square foot light industrial building located in the Airport Way submarket of Portland, Oregon. The property, which features a cross-docked configuration, 32' clear height, and above market trailer parking, was developed by Holland Partner Group in partnership with Ascentris. Soon after construction was completed the property gained significant interest from several potential tenants and in June 2016, Ashley Furniture executed a long term lease for 169,000 square feet of the property. The buyer and sales price were not disclosed.
"The sale of Cameron Distribution Center is another great example of Ascentris successfully executing its speculative industrial development strategy. Holland did a fantastic job of developing and leasing the property on behalf of the partnership. Delivering an institutional quality property in a location such as this one with increasing demand from tenants is attractive for any long term owner." said Ascentris Managing Director Bobby Giselle.
In 2013, capitalizing on shifting demographic and logistics trends, which led to a greater demand for regional distribution centers in strategic locations across the U.S., Ascentris launched a speculative industrial development strategy targeting the major U.S. industrial markets. The company has since developed over 2.6M sf in Portland, Dallas-Fort Worth, Houston, Atlanta, and Boston. Cameron Distribution Center began as a speculative development following the acquisition of the land parcel on Cameron Boulevard, just off of NE Airport Way, approximately six miles from Portland International Airport, in 4Q-2014.
"The Portland industrial market continues to be very solid, with good balance in both supply and demand. The Cameron project provided the opportunity to develop a first-class distribution center in the heart of the highly sought after Airport Way submarket. Tenants have grown in this submarket, and are looking for the opportunity to expand into more efficient facilities," stated Holland Executive Managing Director Tom Parsons.
Tom Talbot of Kidder Mathews represented the seller in leasing the property and will stay on as leasing agent for the buyer.
Ascentris is a real estate private equity company based in Denver, Colorado. Formerly known as Amstar Advisers, Ascentris invests in and manages commercial real estate in the United States on behalf of institutional clients. Since 2003, the Ascentris management team has focused exclusively on value-add and opportunistic investments across all the major property types and geographic regions in the United States. Ascentris is a privately held and employee owned SEC registered investment adviser. Additional information is available at http://www.ascentris.com.
About Holland Partner Group
Holland Partner Group is a fully-integrated real estate investment company based in Vancouver, Washington, with over $4 billion in gross real estate value currently under management, representing over 24,000 apartment homes in five states. Our Company accomplishes our investment objectives in strategic alignment with our capital partners through our five integrated operating companies, including Development, Construction, Acquisition, Redevelopment and Management. For more information, http://www.hollandpartnergroup.com.