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A joint venture of Specht Cos. and Myers Container has purchased a 181,262-square-foot industrial building in Cornelius for $11.2 million.

The Myers Container Industrial building is located on 15 acres at 495 N.E. Holladay St., with access to Oregon Route 47.

The building is 100 percent leased to Myers Container, a limited liability company, and Container Management Services LLC. The four sublease tenants are Curl’s Transportation and Logistics, Old Trapper Smoked Products, Omega Morgan and Servpro.

Building amenities include 25-foot to 28-foot clear heights and covered dock and grade loading. The building was constructed in 1991 and then expanded later. The property is in Cornelius’ enterprise zone, 35 miles west of Portland.

鈥淭he Portland industrial market is booming as several large tech and apparel companies have announced recent expansions in the region totaling in the multimillion-square-foot range,鈥� CBRE Senior Vice President Nick Santangelo stated in a news release. 鈥淲ith vacancy rates so low and new construction limited, demand for industrial product will remain strong for the foreseeable future.鈥�

The purchase equates to $61.79 per square foot.

Santangelo, with CBRE’s debt and structured finance team, arranged $10.65 million in total financing, including a $7.16 million acquisition loan and an additional $3.49 million of available future funding to complete site redevelopment to suit Myers’ business requirements.

The 10-year fixed-rate permanent loan was provided by East West Bancorp Inc., of Pasadena, California. Rob McEachern and Jake Bigby of CBRE’s Portland office represented the buyer in the acquisition, which closed Feb. 4.