An industrial campus in Tualatin has sold for $26.5 million.

The three-building campus is fully leased by Nortek Air Solutions. The company uses the 329,474-square-foot space as its headquarters and manufacturing facility.

The seller was Huntair Properties, a limited liability company. The buyer was an affiliate of Meriwether Partners.

The 25.14-acre property is located at 19855-19866 S.W. 124th Ave. in Tualatin, close to Oregon Route 99 West and the junction of interstates 5 and 205.

Cushman & Wakefield brokers Jim Lewis, Gary Griff and Aaron Watt represented the buyer in the transaction. Stu Peterson and Rhys Conrad of Macadam Forbes represented the seller.

“This is a prime example of a buyer looking outside of the traditional real-estate boxes in search of higher yields,” Lewis stated in a news release. “This campus represented a high-quality and highly functional asset in an excellent Tualatin location occupied by a strong tenant – all desirable attributes for an investor.”

Lewis stated it’s become more challenging for buyers to find good assets at reasonable prices.

“Buyers are beginning to look at more unique opportunities that have potential to provide higher returns,” he stated. “In this case it was a manufacturing campus instead of a more traditional big-box distribution warehouse.”

According to Cushman & Wakefield’s report for the third quarter of 2017, Portland’s industrial market remains healthy, with 3.5 percent overall vacancy. Net absorption in the third quarter was 870,000 square feet.

The Tualatin submarket ranked among the strongest growth areas in the region, the brokerage firm reported.

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