PORTLAND, OR—Capacity Commercial Group/CORFAC International, a leading full-service commercial real estate provider serving the Portland metropolitan market, has brokered the sale of approximately 28 acres of pre-approved development land for a little more than $7 million and concurrently landed the marketing assignment to lease a new, state-of-the-art 492,000-square-foot distribution center to be built on the same land. Specht Development acquired the property from Three Oaks Development and began preparing the site for construction last week.
This is the largest speculative industrial project currently under construction in the Portland marketplace, according to Capacity Commercial Group/CORFAC International. Don Ossey, SIOR, and Rob McEachern with Capacity Commercial Group/CORFAC International were the only brokers involved in the land sale. Along with Dave Ellis from Capacity Commercial Group, they have been retained by Specht Development to lease Interstate Crossroads Distribution Center, which is designed as hi-cube distribution or manufacturing space with office areas to support industrial use.
Ossey tells GlobeSt.com that “The vacancy rate for class-A industrial space in Portland is below 6% and has declined for four consecutive years. With steady positive absorption and virtually no new construction since the great recession, there are very few options for large occupiers to consider in this marketplace.”
The property, located at NE 166th Avenue and NE Cameron Boulevard in Portland, is approximately 13 miles east of Downtown Portland. The sale price was $5.75 per square foot for a state-certified, shovel-ready land site. Building features will include:
- 32' Clear Height
- 104 Dock Doors
- 9 Grade-Level Doors
- 50' x 52' Column Spacing (more at Loading Bays)
- ESFR Sprinkler
- 4,000 Amps of 480 Volt 3-phase Electrical
- Gated truck staging and trailer storage areas
Shell construction is expected to be completed by late Spring 2015.
Ossey tells GlobeSt.com that Interstate Crossroads Distribution Center will appeal to a regional distribution company that needs central access to reach into Northern California and Western Canada. “We're less than a day's drive to essentially the entire Pacific Northwest, including the eastern region around Spokane and Boise,” he adds. “We believe there are distribution companies that will find the location and efficiencies gained from the modern features of the facility to be very compelling.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
