On July 10, 2019 the 1,018,020 square foot industrial building known as the Amazon Fulfillment Center in Salem was sold for $105,500,000 or $103.63 per square foot. It is considered to be the largest industrial building in the State of Oregon.
The property was developed for Amazon by Portland’s Capstone Partners in late 2018 with Amazon as the only tenant. The equity partner in the development was PCCP, LLC out of Los Angeles. Amazon recently announced plans to open the facility in August 2019 providing 1,000 jobs to the Willamette Valley. Amazon had approximately 11 years remaining on their lease term reports CoStar.
The institutional buyer was PNC Realty Investors, a division of PNC Financial Services Group, Inc. in Pittsburgh. The sale was brokered by Jones Lang LaSalle.