Clarion Partners has purchased PDX Logistics Center II, a major industrial development near Portland International Airport, for $36.2 million.

The seller was Portland-based developer Capstone Partners LLC and investor PCCP LLC.

Industrial development has been booming in Portland and other major cities as consumer demand surges for online shopping. A third phase of the PDX Logistics Center is under construction and due for delivery in summer 2017.

The industrial vacancy rate in the Portland area is just 3.6 percent, JLL Managing Director Buzz Ellis stated in a news release. Ellis brokered the sale along with JLL managing directors Mark Detmer and Bo Mills and Senior Vice President Paige Morgan.

PDX Logistics Center II gives investors secure cash flow in a newly constructed building, Detmer stated.

The buyer, New York-based Clarion Partners, also has an investment stake in the 600,000-square-foot Subaru distribution facility at Gresham Vista Business Park.

PDX Logistics Center II includes features such as Early Suppression Fast Response (ESFR) sprinklers, a 140-foot truck court, a 32-foot clear height, 65 dock-high doors and four grade-level doors. The building also is equipped with low-cost T-5 lighting and 6,000 square feet of office space.

Perlo Construction was the lead construction contractor on the project and is at work on Phase III.

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