March 11, 2020
CBRE Capital Markets’ Debt & Structured Finance team in Portland arranged the financing for the purchase of the Myers Container Industrial Building in Cornelius, OR, west of Portland. The borrower was a JV between The Specht Company and the owner/operators of the Myers Container family of companies.
CBRE’s Nick Santangelo arranged $10.65 million in total financing, which included a $7,164,500 loan at acquisition and $3,485,500 of additional future funding to complete redevelopment of the site to suit Myers’ business requirements.
Built in 1991, and expanded in 1994 and 1996, the facility at 495 Northeast Holladay St. totals 181,262 square feet and sits on roughly 15 acres. It is 100% leased to Myers Container, LLC, and Container Management Services, LLC, with four sublease tenants: Curls’ Transportation, Old Trapper, Omega Morgan, and Serv-Pro.
CBRE’s Rob McEachern and Jake Bigby represented the buyer in the $11.2-million acquisition. Pasadena, CA-based East West Bancorp, Inc. provided the 10-year fixed-rate permanent loan.
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Tags: Acquisition, Financing, Industrial
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