Prologis Inc. purchased a horse racing track site in Portland, Ore., for $48.8 million from The Stronach Group Inc., the Portland Business Journal reported.
The industrial real estate investment trust giant plans to redevelop the 115-acre Portland Meadows property at 1001 N. Schmeer Road into a more than 1.8 million-square-foot, class A industrial park. Construction on at least one of the six planned buildings on the site is expected to start later in 2019.
The REIT also secured a long-term ground lease for a 15.5-acre site across from Portland Meadows. It plans to develop that site into a 300,000-square-foot facility or trailer storage for the Prologis Meadows site, the publication noted, citing Sean Colletta, vice president and market officer for Prologis in Portland.
