Mason Street Phase II Finds Early Taker

PORTLAND-Applied Industrial Technologies has signed a 10-year lease for 70,000 sf in Mason Street Phase II, a 135,000-sf industrial building under construction on Airport Way.

The developer is Portland-based Eastern Western Corp. which developed a larger Phase I last year as a build-to-suit for West Coast Paper. Until the $3.7-million lease deal with Applied Technologies, Phase II was a speculative project.

Cleveland, OH-based Applied Industrial will move from a 60,000-sf building at 2720 N.W. 29th Ave. in Northwest Portland, a property for which a prospective buyer in reportedly in due diligence. The new space has only a slightly larger footprint, but its 26-foot-clear ceilings will effectively double capacity for the industrial components supplier.

Trammell Crow Co. industrial brokers Steven Klein, Dave Ellis and John Fettig represented Eastern Western. Paul F. Breuer, a senior vice president at Colliers’ Portland office, represented Applied in the transaction.

The remaining space in Mason Street Phase II is being marketed for lease at 36 cents per sf, NNN. Ellis tells GlobeSt.com there has been good leasing activity for the space. A Phase III is in the planning stages.