First LEED certified speculative industrial development since 2012
Portland, OR – March 12, 2018 – Trammell Crow Company and partner, Principal Real Estate Investors, announce the completion of Glisan Corporate Park, a 504,528-square-foot, 3-building, speculative development in Gresham, Oregon. The project sits on a 28.5-acre site and is the first LEED Certified industrial speculative development to complete since 2012. The three buildings, available for sale or lease and ranging from 139,727-to-200,701 square feet of industrial space, feature 30-to-32-foot clear heights, ample auto parking and trailer storage. Each building is situated on its own parcel with utilities (water/sewer) to serve each.
“Attracting jobs and businesses is one of Gresham’s top priorities, and we’re ready with a dedicated team of professionals to help save companies time and money,” said Gresham Mayor Shane Bemis. “Whether you’re an industrial business or a small company, the City is committed to being your partner every step of the way.”
“Portland is experiencing historically low vacancy rates, and with a constrained supply of additional development, we believe that Glisan Corporate Park is well positioned to accommodate high quality tenants looking for space in this tight market; nearly 4.4MSF is currently under construction, however 72 percent of that is preleased,” said Steve Wells, Senior Managing Director of Trammell Crow Company’s Portland office.
Glisan Corporate Park has great neighbors, from the wide range of nearby amenities to the Subaru distribution center and ON-Semiconductor facility, all of which lend to the high end corporate neighborhood while the Gresham Enterprise Zone* and excellent visibility add value to buyers and tenants alike.
“Speculative industrial buildings are a key component of the region’s economic development efforts and are critical when the market is tight and vacancy rates are low,” said Keith Leavitt, the Port’s chief commercial officer. “Having industrial space available ensures the Portland region doesn’t lose development opportunities due to the time and costs related to constructing new build-to-suit projects. These projects will help attract larger, nationally known companies looking to establish or expand their presence in the region, and offer modern options for smaller companies who do not have the resources to build their own facilities.”
“The LEED certification of Glisan Corporate Park creates value for tenants and the community in three primary ways,” said Louis Fontenot, Jr., LEED AP and Vice President with Trammell Crow Company Portland. “First, the energy and water efficiency standards employed in the buildings will reduce utility costs on an ongoing basis. Second, the indoor environmental quality measures implemented inside the building will create a healthier, more productive workplace for staff, and lastly, the LEED certification of this park demonstrate our commitment to a healthy environment for employees, neighbors and the community.”
Cara Nolan and Stuart Skaug of CBRE Portland are the exclusive listing agents on this assignment representing the Trammell Crow Company and Principal Real Estate Investors. “We have a mix of prospective tenants that are both new to the Portland market and others that are expanding in Portland,” added Nolan, Senior Vice President. “Many are wishing to improve their efficiencies by upgrading to a newer facility that offers higher clear height and trailer parking. In addition, we have heard from tenants that the labor available in the Gresham and east county area is favorable to their operations.”
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of December 31, 2017, TCC had $6.8 of projects in process and $3.8 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2017 revenue). For more information visit www.TrammellCrow.com.
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our 15,000 employees around the world are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible.
A member of the FORTUNE 250®, we have US$655.5 billion in assets under management and serve over 22 million customers from offices in 19 countries throughout Asia, Australia, Europe, Latin America and North America (as of 30 September 2017). Principal Financial Group, Inc. is traded on the Nasdaq under the ticker symbol PFG. To find out more, visit us at principal.com.
About the Port of Portland
Established in 1891 by the Oregon legislature, the Port today owns four marine terminals, three airports (Portland International, Hillsboro, and Troutdale) and five business parks. The mission of the Port is to enhance the region’s economy and quality of life by providing efficient cargo and air passenger access to national and global markets, and by promoting industrial development. The most recent economic impact study shows that the Port generated 27,000 jobs, $1.8 billion in wages, salaries and consumption impacts and nearly $171 million in state and local taxes in 2015.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.