PORTLAND, OR—Capacity Commercial Group/CORFACInternational, a leading full-service commercial realestate provider serving the Portland metropolitan market, hasbrokered the sale of approximately 28 acres of pre-approveddevelopment land for a little more than $7 million and concurrentlylanded the marketing assignment to lease a new, state-of-the-art492,000-square-foot distribution center to be built on the sameland. Specht Development acquired the propertyfrom Three Oaks Development and began preparingthe site for construction last week.

This is the largest speculative industrial project currentlyunder construction in the Portland marketplace, according toCapacity Commercial Group/CORFAC International. DonOssey, SIOR, and Rob McEachern withCapacity Commercial Group/CORFAC International were the onlybrokers involved in the land sale. Along with DaveEllis from Capacity Commercial Group, they have beenretained by Specht Development to lease Interstate CrossroadsDistribution Center, which is designed as hi-cube distribution ormanufacturing space with office areas to support industrialuse.

Ossey tells GlobeSt.com that “The vacancy rate for class-Aindustrial space in Portland is below 6% and has declined for fourconsecutive years. With steady positive absorption and virtually nonew construction since the great recession, there are very fewoptions for large occupiers to consider in this marketplace.”