Host of Industrial Leases Signed

PORTLAND-Expanding from 15,000 sf at Commerce Park Clackamas, a manufacturer of flooring products has leased 38,440 sf in Aurora, Ore. from (Joe) Tennant Properties. Florexpo signed a three year lease at a triple-net rate of around $0.40 per sf per month. Dave Brown of Columbia Commercial Properties represented Tennant. Florexpo was represented by Tom Talbot and Steve Barragar of Grubb & Ellis.

The lease transaction is one of several that have been sewn up in recent weeks. Kaiser Foundation Health Plans of the Northwest signed a 10-year lease for 16,500 sf of R&D space at 14161 NE Airport Way in Portland. The space includes 2,000 sf of office. The lessor was Calwest Industrial Holdings, which was represented by David Kotansky of Rreef. Donn M. Sullivan of Grubb & Ellis represented Kaiser. The blended asking rate for the space was $0.55 per sf. Net effective rents are generally running about 10% below that due to owner concessions.

A few weeks ago, a similar sized deal closed when Pacific Office Automation inked a five-year renewal with PS Business Parks for 17,056 sf in Parkside at Cornell Oaks, which is located at 15400 NW Greenbrier Parkway in Beaverton, Ore. The lease rate on this deal is said to be in the high $0.90s per sf. PS was represented in-house by Darci Duffy. Talbot and Barragar represented Pacific Office Automation.

Talbot and Barragar also brokered a five-year, 9,943-sf lease for Brighton-Best Socket Screw Manufacturing at 13617 NE Jarrett Street in Portland. The lessors were Steve and Angie Ostling. They were represented by Tom Dechenne and Ken Boyko of Norris Beggs & Simpson. The asking rate for the space was $0.37 per sf per month, triple-net.