The Meadowlark Industrial Center in Cornelius just traded hands for a hefty $30 million, marking one of the biggest industrial deals so far this year along Portland’s Sunset Corridor. The 154,646-square-foot, Class A facility, finished in 2024 and set on about 7.3 acres, is fully leased on a long-term basis to heavy-equipment hauler Omega Morgan. The buyer and seller have not been publicly identified.
According to REBusinessOnline, the sale pencils out to roughly $193 per square foot. Colliers’ national industrial team handled the assignment, with brokers Michael Kendall, Gian Bruno, Nick Mascheroni, Kenny Patricia and Kylie Jones on the lead roster. Local support came from Jerry Matson, Mike Thomas and Karen Lisignoli, while Chris Johnson and Brett Johnson represented the buyer.
Deal details and building specs
Per Colliers offering materials, the property at 404 N. Holladay St. offers a 32-foot clear height, about 3,000 amps of power, a 130-foot truck court and 27 dock-high doors plus three grade-level doors. The documents show the building is 100 percent leased to Omega Morgan, with a lease that runs through May 2035, and a relatively modest office buildout of roughly 1,300 square feet.
Tenant, developer and the Intel connection
JLL marketing materials and regional reports indicate that developer AltaBird Investments delivered Meadowlark in mid-2024 and quickly inked Omega Morgan as the sole tenant. The project sits inside the Sunset Corridor, often branded as Portland’s Silicon Forest, and was pitched as a strategically located hub near Intel and a cluster of semiconductor suppliers.
Why investors paid up
The roughly $193-per-square-foot price tag reflects investor demand for stabilized, purpose-built industrial product near Hillsboro and Intel’s campuses, where developable land has grown increasingly scarce. Colliers materials and regional market data point to limited near-term supply and vacancy in the Sunset Corridor sitting in the 5 to 6 percent range, conditions that tend to push pricing for modern industrial space higher.
What’s next for Meadowlark
With Omega Morgan locked in through 2035, the new, undisclosed owner gets a long runway of predictable income tied to the Intel-adjacent logistics and industrial ecosystem. As REBusinessOnline notes, the parties behind the deal have not stepped into the spotlight yet, so local real estate watchers will be combing through marketing chatter and public records to see who ultimately scooped up the asset.
