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PORTLAND-Equity Development Inc. has leased another piece of land near the Portland International Airport, this time for development of a 30,000-sf military recruit processing center for the U.S. General Services Administration, according to sources at the Port of Portland, which owns the property.

The Portland real estate development company will prepay the Port of Portland $1.04 million or $10 per sf for a 55-year lease of 2.4 acres adjacent its existing 4.34-acre lease within Portland International Center, the Port’s 458-acre, master-planned industrial park. The newly leased land is between Equity’s existing leasehold and the Embassy Suites Hotel.

Upon execution of the lease, Equity’s plans are to assign it to MEPS/PDX, LLC, a limited liability corporation comprising Equity’s principals and Peter Stott, chief executive officer of Crown Pacific Corp. The Portland-based brokerage Doug Bean & Associates represented Equity in the land transaction with the Port.

On Equity’s existing lease is located the four-story One Airport Center. The 72,000-sf building built in 1996 is home to Centennial Bank, Tahan Advertising Agency, IHOP Corp., Primerica Financial, TRW Inc., Pacific Fishery Management Council, and Rentrak Corp., which distributes pre-recorded video cassettes to home video retailers.

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