Industrial-Flex Development Underway

Herb Koss of Oregon Land Development and Brian Clopton of Clopton Excavation own the land and are developing the project. Ben Peterson and Tony Reser of Cushman & Wakefield have the marketing assignment.

The first phase of development will consist of two speculative industrial buildings--one 27,250 sf and the other 19,200 sf--that will face a wetland on the back of the property. A third lot on the back of the property, for which Koss and Clopton are looking for a built-to-suit user, could support another 10,000-sf building.

The 27,250-sf building is divisible to 10,000 sf and the other is divisible to 5,500-sf. Completion is slated for October. Shell rates for the industrial space are listed at $0.40/sf/month on a triple net basis, and the office space surcharge is $0.70/sf/month.

"In the Tualatin submarket, that's probably at the high end, but it's a location driven price," says Peterson, explaining the site is just 1.3 miles from Interstate 5. "It's the closest you can get new industrial product to the freeway."

After the first phase, a third, 14,750-sf flex building is planned on the front of the property, along with a 2,500-sf gas station and convenience store on a 28,084-sf pad and an 1,800-sf car rental building on an 18,872-sf pad, says Peterson. "It was a difficult property to figure out," says Peterson. "It was a definite challenge to get even this much approved."

Of the original 12.5 acres, 5.39 acres was lost to wetlands, says Peterson, adding that Koss and Clopton structured the land acquisition such that they are paying only for the useable acreage. A bridge will cross over the wetland and provide access to the industrial buildings on the back of the property, which will look out over the preserve.