Lincoln Property Company, DRA Advisors Acquire 299,000-SF Portland Industrial Portfolio

Lincoln Property Company and DRA Advisors announced the acquisition of a fully leased, five-building industrial portfolio totaling approximately 299,000 square feet across two established industrial parks in Portland, Oregon. JLL marketed the offering on behalf of the seller. The acquisition was announced Oct. 16, 2026.

Portland Industrial Portfolio Details

The portfolio includes two properties, both multi-tenant and 100% leased to a total of eight tenants:

• Kittridge Distribution Center: a three-building, 103,000-square-foot park at 4931-5043 NW Front Ave.
• Columbia Corporate Park: a two-building, 196,000-square-foot park at 4630-4740 NE 166th Ave.

Lincoln Property Company is a global, full-service real estate firm. DRA Advisors is a value-add real estate investment manager.

Travis Drilling on the Acquisition

"This acquisition represents an opportunity to expand our industrial presence in Portland with a portfolio of well-positioned assets in established infill locations alongside a valued investment partner in DRA," said Travis Drilling, Executive Vice President at Lincoln Property Company. "With strong occupancy, a diverse tenant mix and access to key transportation corridors, these properties align well with our investment strategy."

Transportation Access and Location

Both properties sit within established Portland industrial submarkets, with access to the region's major transportation corridors.

Kittridge Distribution Center is located in Northwest Portland's industrial corridor, with access to US-30, I-405 and I-5, and is adjacent to BNSF rail lines. Columbia Corporate Park is located in East Portland, with connectivity to I-84 and I-205 via NE Airport Way. Both properties also have access to Portland International Airport, which supports regional distribution and logistics operations throughout the greater Portland metropolitan area.

Portland Industrial Market Context

The acquisition comes as Portland's industrial market shows softer conditions. CBRE reported 109,000 square feet of net absorption in the third quarter of 2026, down from 508,000 square feet in the second quarter. Industrial vacancy rose to 7.7%, while availability reached 10.1%. Leasing volume fell to 1.7 million square feet from 3.4 million square feet in the prior quarter. Deliveries totaled 343,000 square feet, and roughly 3.3 million square feet remained under construction across 10 projects.

Kidder Mathews, which uses different market coverage and methodology, reported direct vacancy of 6.9%, up from 5.6% a year earlier, and total availability of a record 11.9%. Average asking rents declined to $0.85 per square foot per month NNN from $0.90 a year earlier. Third-quarter leasing activity totaled approximately 1.55 million square feet.

Portland's industrial vacancy rate reached a cycle low of 2.2% in late 2022 before rising as demand moderated and new supply entered the market.

Lincoln's Industrial Activity

Lincoln Property Company has announced other industrial acquisitions in October 2026. These include the 1.09 million-square-foot, 10-building Shiloh Light Industrial Portfolio in Alpharetta, Georgia, which was fully leased to 21 tenants, and the 377,529-square-foot, four-building Park 109 industrial portfolio in Lebanon, Tennessee, acquired on behalf of an institutional separate-account client.

About the Firms

Lincoln Property Company is one of the largest private real estate firms in the United States, offering an integrated platform of real estate services across asset types including office, multifamily, life science, retail, industrial, data center, healthcare and mixed-use properties in the United States, the United Kingdom and Europe. Its combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space.

DRA Advisors is a New York-based registered investment advisor with approximately 100 employees, specializing in real estate investment management for institutional and private investors including pension funds, university endowments, sovereign wealth funds, foundations and insurance companies. Founded in 1986, the firm has offices in Miami and San Francisco and has acquired approximately $45 billion of real estate, including more than 107 million square feet of industrial space. As of June 30, 2026, DRA had $13.8 billion in gross assets under management.

Sources

• Lincoln Property Company press release: https://lpc.com/press-releases/lincoln-property-company-and-dra-advisors-portland-industrial-portfolio-acquisition/