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PORTLAND-A speculative, high-end office-flex project got underway this week at 138th and NE Airport Way. Pacific Realty Ventures is developing the brick-fronted three-building complex for its parent company Pacific Santa Fe Corp. and other investors.

“When you look at the demographics, there is not a lot of this type of product available on airport way near the airport and Interstate 205 and what is there has very little vacancy,” Pacific Realty’s Brad Fowler tells GlobeSt.com. “We look at this as an infill project.”

The total project cost is approximately $7 million. The first phase is a 40,000-sf building for which shell completion is expected early next spring. Two other 23,000-sf buildings are planned. The buildings are for sale, lease or build-to-suit. Tony Reser of Cushman & Wakefield has the assignment. Pro forma asking lease rates are $0.44 per sf on the shell and a $0.70-per-sf surcharge for an office build out.

“It’s going to be a higher caliber and higher quality product, similar to PacTrust International Corporate Center, and we’re looking to capture a higher proportion of office users,” Reser tells GlobeSt.com. “It’s a 100% location on Airport Way because there are breaks in the median at the site that allow access to both directions.”

Pacific Realty developed two suburban office projects last year, the Durham Office Center, a 35,000-sf project that opened 65% pre-leased and is now 100% leased thanks to tenant Centex Homes, and is Bridgeport Crossing, a 20ksf building developed with the American Lung Assoc., which took 25% of the building. The building is now 70% leased.

Pacific Realty Ventures is the commercial real estate division of Portland-based Pacific Santa Fe Corporation. Other divisions include Pacific Land Management, which is currently developing residential projects in Southern California, and Aspen West Contractors, a general contractor. Since inception, Pacific Santa Fe has developed nearly $200 million of residential, office, industrial-flex, and multifamily properties

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