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Amazon‘s massive PDX9 distribution center in Troutdale has sold to a San Diego-based real estate investment firm for $113.5 million.

At 857,379 square feet, the distribution center is one of the largest buildings in the Portland metro area to ever change hands, according to CBRE. It represented the seller, Clarion Partners, a major investor based in New York City.

The buyer was CIRE Equity. The California firm owns several other Oregon properties, including 829,087 square feet at 224 Logistics Park in Milwaukie, and others in Hillsboro and Eugene.

The property 鈥渋s one of the most significant industrial transactions in Oregon this year 鈥� if not the largest,鈥� CBRE’s Brett Hartzell, who along with Chris Reeves represented Clarion Partners, stated in a news release. 鈥淲ith few comparable assets in the region, its scale, strategic location and modern design set it apart. The long-term lease at favorable rates further enhances its value, making this a truly exceptional investment opportunity in the Portland market.鈥�

The sale equates to $132.38 per square foot. The property, developed by Trammell Crow Co. and built by Sierra Construction Co., is part of the Troutdale Reynolds Industrial Park. Amazon’s neighbors at the former brownfield development include FedEx, C&S Wholesale Grocers, Bonneville Power Administration and NextEra Energy Resources.

鈥淲e’re certainly looking forward to working with them,鈥� Port of Portland Development Manager Chris Damgen said of the new ownership.

The industrial park still has three undeveloped lots.

CIRE Equity did not respond to a message seeking comment. The firm operates the CIRE Real Estate Income Trust. CBRE’s news release stated that the acquisition 鈥渞eflects CIRE’s ongoing commitment to strategic growth and its ability to capitalize on opportunities that deliver long-term value for investors by combining income generation with capital appreciation.鈥�

The building is on a 73.7-acre lot and features 41-foot clear heights, ample parking and electrical resources.