Kidder Mathews Arranges Sale of Four Industrial Properties Totaling $80.35 Million

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Kidder Mathews Executive Vice President Zach Francis represented Portland-based investment company Allen Properties, LLC in the sale of four assets in the Portland metro area, totaling $80,350,000.

Allen Properties sold the J&D Refrigerated Services building, located at 12300 Southeast Carpenter Drive in Clackamas, for $37,600,000. The purchase of the 181,672-square-foot asset marks one of the largest cold storage investment sales in Portland metro in 2022. Francis represented both Allen Properties and the buyer, Cre-Provender Clackamas, LLC, a California investor who specializes in food specific properties.

Allen Properties sold another cold storage warehouse in Clackamas, located at 8830 Southeast Herbert Court, for $8,800,000 in an all-cash transaction. Francis, along with Kidder Mathews’ Karla Hansen and Chris Dowhaniuk, represented the buyer and seller. The buyer was Hawaii-based investment company Watumull Property Corporation. This sale, along with the J&D Refrigerated Building, demonstrates enormous investor demand for cold storage warehouses throughout Oregon and the United States. Clackamas County, in particular, is home to numerous other cold storage and food manufacturing companies and is considered the “capital” for food related buildings in the Portland metro area. Francis and his team are currently marketing 46,350 square feet (divisible) of cold storage space for lease at the Herbert Court Warehouse for the new ownership.

Allen Properties purchased a parcel at Vancouver Mall in a 1031 exchange for $27,600,000. The seller was Nevada-based Rhino Holdings Vancouver, LLC. The 121,000-square-foot parcel, which includes Hobby Lobby, is located at 8800 Northeast Vancouver Mall Drive in Vancouver, Washington. Francis also represented Allen Properties in the 1031 exchange acquisition.

An office building at 4350 Galewood Street in Lake Oswego sold for $6,350,000 in an all-cash 1031 exchange structured by Kidder Mathews. The firm’s Francis, Karla Hansen, Chris Dowhaniuk, and Carter McFarland represented Allen Properties as the buyer. The seller was Nevada-based GWG Real Estate, LLC. The building comprises 32,150 square feet of coveted office space in the high-rent district of Lake Oswego. The Kidder Mathews team will stay on to lease the property.

“We are very pleased to have represented Allen Properties on numerous sales and 1031 exchanges throughout 2022. Through a lot of hard work, organization, and excellent market timing, we were able to achieve our client’s investment objectives, and we look forward to continuing to assist them on future acquisitions and leasing assignments.”

Francis is also representing Allen Properties in another significant sale currently in escrow in west Portland. The property is expected to close in the next few months.

About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.

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