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Vista Logistics Park, a three-building industrial asset in Gresham, has sold for $93.25 million in a high-water mark for the Portland metro area’s industrial sector.

Black Creek Group, based in Denver, snapped up the east Portland metro industrial park for $127.18 per square foot.

The sale marks a lucrative exit for Specht Development, which built the industrial park on speculation in a single phase, and its venture capital partner, New York Life Real Estate Investors, a subsidiary of the insurance giant.

鈥淭his sale reflects the continued attractiveness of the Portland metropolitan market,鈥� said Greg Specht, chief executive of the Portland-based development firm.

The 733,232-square-foot property was built on land that was purchased from the Port of Portland in 2016 for $9.28 million. Construction soon began, and Vista Logistics Park was completed in 2017.

Specht hired CBRE to market the property. After it didn’t attract the offers the owner wanted, the listing was pulled back. But the property continued to attract additional tenants, and this fall, Black Creek made an unsolicited offer, Specht said.

Limited supply in the industrial market helped push the price up. 鈥淭he limiting factor of available land within the (urban growth boundary) puts upward pressure on pricing,鈥� Specht said.

Vista, located at 32-198 S.E. 223rd Avenue in Gresham, was 86.5 percent leased by the time the sale closed. The property is leased to Medline Industries, Imperial Brown Inc., Samuel, Son and Co., and Fully, a furniture company. Capacity Commercial Group served as the leasing agent.

The sale comes as population and job growth provides strong market fundamentals, and logistics becomes ever more important.

鈥淢ost institutions are thinking they’re under-allocated to industrial in their portfolio, so they’re aggressively looking to add industrial,鈥� said Paige Morgan, senior vice president at CBRE.

The tight industrial market has led to more growth south and north of Portland along the Interstate 5 corridor, and also has made infill redevelopment more attractive, such as Prologis‘ move to build on the Portland Meadows site, Morgan said.

鈥淕iven the UGB here, we’ve seen development moving further and further out. There’s not much more room to go moving east, so we’ve seen more growth moving north and south,鈥� Morgan said.

鈥淩edevelopment of infill sites has become more feasible, because tenants are willing to pay more to be closer in,鈥� she added.

CBRE’s team on the deal included Morgan in Portland, Brett Hartzell in Seattle, Darla Longo, Eric Cox, Barbara Perrier and Val Achtemeier in Los Angeles; and Rebecca Perlmutter-Finkel in San Francisco.