Listen to this articleTwo investment businesses recently partnered to purchase a 140,725-square-foot Portland industrial property for $14.4 million.
Built in 1990, Columbia Gateway sits on a 10-acre parcel with 133 parking spaces at 13636 N. Columbia Blvd.
The property was purchased by Los Angeles-based commercial real estate investment firm Oak Park Investments and private equity firm Walker & Dunlop Investment Partners. The new owners will reposition the property by performing upgrades for warehouse, manufacturing and distribution users.
“Oak Park Investments is proud to add to our growing portfolio of properties in the western United States,” Ori Doron, Oak Park Investments co-founder and principal, stated in a news release. “We look forward to modernizing and repositioning Columbia Gateway and are thrilled to have partnered with Walker & Dunlop Investment Partners on this acquisition.”
Oak Park Investments indicated it plans to reconfigure the building into a one- or two-tenant industrial facility designed to attract leading manufacturing and warehousing tenants.
“Columbia Gateway has the potential to help drive economic growth in the Portland metropolitan area,” Brian Cornell, Walker & Dunlop Investment Partners’ managing director, stated. “The property’s strategic location in a supply-constrained submarket along Portland’s key transportation corridors will help an updated Columbia Gateway attract best-in-class users.”
The sale closed on April 22, according to Multnomah County Assessment & Taxation.
The property is represented by Colliers brokers Jerry Matson, Brian Yoakum and Tom Knecht.
