Major Industrial Sale in the Portland Metro Area
Amazon’s massive PDX9 distribution center in Troutdale, Oregon, has been sold to a San Diego-based real estate investment firm for $113.5 million, marking one of the largest industrial property sales in the Portland area this year.
The 857,379-square-foot facility was sold by Clarion Partners, a New York City investment company, and purchased by CIRE Equity, which owns multiple properties across Oregon, including sites in Milwaukie, Hillsboro, and Eugene.
According to commercial real estate firm CBRE, which represented the seller, the deal is among the most significant industrial transactions in Oregon in recent years.
Also Read
A Landmark Transaction
CBRE’s Brett Hartzell and Chris Reeves, who represented Clarion Partners, described the property as “one of the most significant industrial transactions in Oregon this year — if not the largest.”
They added that the center’s scale, modern design, and strategic location set it apart from other properties in the region. The long-term lease agreement with Amazon at favorable rates further increased the site’s investment value, making it an attractive asset for institutional investors.
The sale price equates to $132.38 per square foot, underscoring the property’s high market value and prime positioning within the region’s industrial logistics network.
About the Facility
The Amazon PDX9 building sits on 73.7 acres within the Troutdale Reynolds Industrial Park, a major hub for logistics and distribution operations. The center features 41-foot clear heights, ample parking, and robust electrical infrastructure, which allow it to handle high-volume operations efficiently.
Developed by Trammell Crow Company and constructed by Sierra Construction Co., the facility is one of the largest industrial structures ever to change hands in the Portland metropolitan area.
The property’s neighbors within the industrial park include FedEx, C&S Wholesale Grocers, Bonneville Power Administration, and NextEra Energy Resources—all key players in the region’s logistics and energy sectors.
CIRE Equity Expands Oregon Footprint
The new owner, CIRE Equity, is expanding its Oregon presence through this acquisition. The firm already owns approximately 829,000 square feet at 224 Logistics Park in Milwaukie, along with additional properties in Hillsboro and Eugene.
CIRE operates the CIRE Real Estate Income Trust, focusing on investments that balance income generation with long-term capital growth. While the company did not provide a comment on the transaction, CBRE noted in its press release that the acquisition reflects CIRE’s strategic growth plans and commitment to high-value industrial investments.
Impact on Troutdale and Regional Development
The Port of Portland, which oversees development at the Troutdale Reynolds Industrial Park, welcomed the sale.
“We’re certainly looking forward to working with them,” said Chris Damgen, Port of Portland Development Manager, referring to CIRE Equity.
The industrial park continues to grow, with three undeveloped lots still available for future development. The area has transformed from a former brownfield site into a thriving logistics hub that supports thousands of jobs and major regional supply chains.
A Strong Signal for Oregon’s Industrial Market
The Troutdale transaction underscores the continued strength of Oregon’s industrial real estate market, even amid national economic uncertainty. With limited large-scale logistics facilities available and strong tenant demand, properties like Amazon’s PDX9 remain highly sought after by investors seeking long-term, stable returns.
As one of the largest single-building sales in recent state history, this deal highlights both Amazon’s ongoing logistical footprint in the Pacific Northwest and CIRE Equity’s growing investment presence in Oregon’s booming industrial sector.
