FedEx Distribution Facility in Portland Commands $33M
A Class A warehouse and distribution facility in Portland, Ore., sold for $32.5 million. The 212,000-square-foot asset, Cutter Circle FedEx facility, is fully occupied by FedEx.
Gantry secured a $16.3 million acquisition loan on behalf of the new owner. The property’s seller is a family office. The long-term, fixed-rate loan is half-term interest only, followed by a 30-year amortization period. It was secured through one of Gantry’s correspondent life company lenders.
The buyer of the Cutter Circle FedEx facility is HCA Management, according to CommercialEdge data. The lender is State Farm.
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Redeveloped in 2015, the industrial building is a cross-docked facility. It features 126 doors on an approximately 22-acre lot, the same data shows.
Located at 6447 N. Cutter Circle, the asset is situated in the Swan Island industrial submarket. Tenants are in proximity to the Port of Portland, Interstate 5, Union Pacific Railroad and the Portland International Airport. Downtown Portland is within approximately 6 miles from the property.
Camille Renshaw, Scott Scurich and William Brooks with B+E procured the buyer and represented the seller in the transaction. Gantry San Francisco’s Tony Kaufmann, principal, and Joe Foley, associate, represented the borrower in the deal.
Gantry makes lending moves
Gantry, the largest independent commercial mortgage banking firm in the U.S., has had a busy year thus far with lending. In the first quarter, the privately held firm provided a $10.5 million bridge loan for a mixed-use redevelopment project in San Jose, Calf. The San Francisco production office represented the borrower in the deal.
Gantry’s Kaufmann and Foley also led the team that secured the refinancing of a pair of adjacent industrial campuses in Tempe, Ariz., earlier this year. The eight-year loans amounted to $30 million.
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