PORTLAND, OR – December 12, 2017 – CBRE is pleased to announce Panattoni Development’s sale of a12.6-acre industrial site to a local food distributor at their Portland Portal Distribution Center location in Gresham, Oregon.
This is the third major build-to-suit project in the NE submarket in the past twenty-four months. Build-to-suit activity remains active in spite of a notable downturn in leasing demand for speculative large warehouse space. The fact that Panatonni was willing to sell the site under a fee development arrangement, made the site attractive to the buyer. Preliminary plans are to construct an approximately 135,000 square feet food distribution center on the site with delivery expected to be early fall of next year.
Andy Kangas, Vice President, CBRE Portland office represented Panattoni. The buyer was represented by Rod Brokenshire and Stu Peterson.
Located at NE 172nd and Sandy Boulevard, Portland Portal Distribution Center caught the eye of the buyer because of its immediate access to I-84 along with the benefits of being in Gresham such as Enterprise Zone and E-commerce Zone tax incentives. Other benefits of the site included visibility from I-84 and strong corporate identity.
Panattoni is a privately held commercial real estate developer, specializing in industrial, office and build-to-suit projects. This was their second notable transaction in the NE submarket of Portland in the last 24 months. They also developed Big Eddy Distribution Center at NE Riverside Parkway, a 153,000 SF speculative industrial project that was recently 80% leased to Anixter, a global distributor of networking and security solutions.
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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 2016 revenue). The company has more than 75,000 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.