Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.