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Coffee Creek Logistics Center has sold to a major Los Angeles-based investment firm for $21.15 million.

Ares Management, a publicly traded company, purchased the 110,470-square-foot logistics facility in Wilsonville.

The transaction, recorded Tuesday in Washington County, amounts to $191.45 per square foot.

CBRE sold the property in a competitive bidding process on behalf of LaSalle Investment Management.

鈥淭his sale reflects the current market trend, where capital is actively pursuing top-quality assets in prime submarkets,鈥� CBRE broker Paige Morgan stated in a news release.

Coffee Creek Logistics Center was built on speculation and completed in 2022. It features 30-foot clear heights, 20 dock-high doors, 130-foot truck courts, LED lighting and a sprinkler system.

The property is fully leased by Owens & Minor, a Fortune 500 health care logistics and supply management company, and A-dec, a dental equipment supplier. The center is situated for convenient access to Interstate 5 and Hillsboro.

The southwest metro area is Portland鈥檚 leading industrial submarket with 8 percent annual rent growth, low vacancies and limited industrial land availability, according to CBRE.

Coffee Creek Logistics Center鈥檚 project team included developer Panattoni, general contractor Sierra Construction and Mackenzie as architect and engineer.

Morgan and Brett Hartzell with CBRE National Partners West, and local brokers Andy Kangas and Haakon Weinstein represented LaSalle Investment Management in the transaction.