Specht Development Inc. has sold an 11-acre truck maintenance facility in Milwaukie to a Philadelphia-based real estate investment firm for $10.45 million.

Alterra Property Group snapped up the property, which has a 19,105 -square-foot building and a separate 1,863-square-foot drivers’ lounge, from a Specht-affiliated limited liability company.

Alterra and Specht last week jointly announced the transaction, which closed in June. The buyer and seller said the sale “underscores the robust demand for high-quality industrial outdoor storage facilities and the sparse availability of land in the Portland metro area. The successful sale of this site is a testament to both.”

The property has been preleased to an undisclosed tenant. Capacity Commercial Group represented both sides in the transaction.

Specht completed the property, known as 224 Logistics Park, in 2023. The property at 6433 SE Lake Road in Milwaukie was developed by a joint venture of Specht and Ares Management L.P. real estate funds.

Alterra, based in Philadelphia, disclosed in May that it had raised $925 million to fund industrial real estate purchases in only eight months, industry publication PERE News reported.

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