Morgan Distributing Inc. acquired 11 acres at the Riverside Parkway Corporate Center in Portland for $2.38 million, or $221,000 per acre. The Portland Development Commission sold the land, located at Northeast Portal Way and Northeast 185th Avenue, in order to create jobs and strengthen the regional Portland economy.
DP Partners will develop a 105,000-square-foot industrial building. It will be the new headquarters and distributing center for Morgan. The facility is scheduled for completion in the spring of 2010.
Andy Kangas and Stuart Skaug of CB Richard Ellis represented Morgan. Bradford Fletcher and Irfan Tahir of Grubb & Ellis represented the seller.
Please refer to CoStar COMPS #1811803 for more information on this transaction