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A large investment firm has purchased the Kinsman Logistics Center in Wilsonville for $14.715 million, marking another high-dollar sale for the Portland-area industrial market.

The buyer of the 108,698-square-foot distribution center is Reno, Nevada-based Dermody Properties. Its Chicago-based acquisitions team led the purchase, which equates to about $135 per square foot.

CBRE represented both the buyer and the seller, Masters Capital, a limited liability company. NTP Distribution, a trailer parts company, formerly owned and operated the center. The current tenant is Aosom LLC, an e-commerce distributor that sells products it manufactures abroad, including home d茅cor and outdoor furniture.

The sale came as vacancy in the Portland-area industrial market remains very low, at 3.4 percent, said Andy Kangas, first vice president at CBRE in Portland.

鈥淚t’s tight 鈥� as tight as I’ve ever seen it,鈥� he said. 鈥淚t’s really hard to be a tenant right now. That’s for sure.鈥�

The area’s urban growth boundary limits the prospects for industrial development, Kangas said. 鈥淲e just don’t have buildable land for large footprint or large format buildings anymore,鈥� he said.

For Dermody, the constrained supply of logistics centers was a selling point.

鈥淭his acquisition was a unique opportunity to acquire an outstanding industrial building in the supply-constrained market of Wilsonville,鈥� Phillip Wood, a Dermody partner in the Northwest office, stated. 鈥淚t exemplifies Dermody Properties’ strategy to acquire or develop properties in land-constrained submarkets in key logistics markets across the U.S.鈥�

The facility is located on an 8-acre property at 27150 S.W. Kinsman Road, slightly off of Interstate 5.聽Clackamas County recorded the transaction on Nov. 8, 2018.