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A Northeast Portland warehouse has sold for $4 million amid strong demand for industrial space.

The 26,270-square-foot warehouse, which is leased to a single tenant, earned $152 per square foot. The transaction came together as a sale-leaseback deal.

The buyers were Jerry and Debora Ivy. The seller was Forward Properties LLC, an entity that lists Paul C. Galm as registered agent and Mher Sharyan as member. Both have Beaverton addresses.

Kidder Mathews commercial brokers Zach聽Francis and Karla Hansen represented both parties in the sale.

The warehouse located at 4201 N.E. 161st Ave. is located on 1.38 acres in a business park and also includes 2,500 square feet of office space.

鈥淎fter touring over 20 owner-users through the property, we came to the conclusion that a sale-leaseback to an investor was the best way to achieve the desired price for the seller,鈥� Francis, a Kidder Mathews senior vice president and partner, stated in a news release. 鈥淚t was this flexibility and creativity that helped push this transaction to the finish line.鈥�