CTDI leases 210,000 square foot Class A distribution facility in Fairview, Oregon
PORTLAND, Ore., October 27, 2016 – In the third largest lease of its kind so far this year in the Portland metro area, West Chester, Pa.-based global engineering and logistics firm CTDI has committed to 210,000 square feet at 22638 NE Townsend Way in Fairview, Oregon.
Tyler Sheils, Kevin Kriesien and Michael Hale of JLL represented the landlord in the transaction. David Mackey and John Morrissey, SIOR, of Philadelphia-based Jackson Cross Partners, represented CTDI. The space had been available for just 7 months.
According to Tyler Sheils of JLL, the recent lease continues a deepening trend over the last 24 months which has seen a steady stream of major regional and national users of distribution and logistics properties expanding in the Portland market. As of September 30, JLL was tracking 2.25 million square feet of industrial requirements in the Portland market for spaces from 200,000 s.f. up. In total, JLL estimates there is currently more than four million square feet on active demand in the market.
“We’ve seen a couple of significant factors driving the trend here in Portland: strong demographic growth over the last two years and huge growth in Portland’s technology sector has made it vital for logistics companies to build more of a presence in this market,” Sheils said. “The good news is it’s a trend that is only likely to deepen as Portland continues to grow,” he added.
So far in 2016, according to JLL research, 13 leases have been signed in the Portland metro area for industrial spaces over 100,000 s.f. The CTDI lease is surpassed in size this year only by the lease by UPS of 234,960 s.f. at the PDX Logistics Center (Building 3) and the leasing of 303,360 s.f. at the Majestic Brookwood Business Park (Building 3) by a major ecommerce company. Other logistics users leasing over 100,000 s.f. this year include Bunzl, Logistics Insights, OnTrac and Wymore Transfer.
Built in 2007, 22638 NE Townsend Way is a 210,000 s.f. free standing Class A distribution facility with 30-foot clear ceiling height, 19 dock doors and two at-grade doors and is capable of providing up to 58 cross-dock positions. The building is fully insulated, has a ESFR sprinkler system, equipped with motion sensors and high efficiency LED lighting and offers a 5,000 s.f hazmat containment room.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.