Los Angeles, March 30, 2023 – A joint venture between PCCP, LLC and Panattoni Development Company, Inc. has announced the development of two, infill industrial parks in Vancouver, WA. The three-building project includes Vancouver Logistics II and Hidden Glen Logistics, which will feature three Class A, front-park, rear-load industrial buildings totaling approximately 625,320 square feet (sf).
“We are pleased to partner once again with Panattoni on a high-quality industrial project in a supply-constrained industrial market,” said Matt Cochran, a Senior Vice President with PCCP. “Portland has been a target industrial market for PCCP because we believe it has high barriers to entry, strong connectivity, a limited industrial supply pipeline, and a low vacancy rate. As a result, the Portland industrial market is experiencing significant net absorption, strong rent growth, and outsized tenant demand.”
Vancouver Logistics Phase II will consist of two, 32’ clear-height buildings totaling 163,676 sf and 175,044 sf, respectively and is located at 7600 NE 88th Street. The site is directly off I-205, approximately 11 miles north of the Portland International Airport (PDX), 12 miles north of the Port of Portland, 10 miles northeast of the Port of Vancouver, and five miles south of the I-205 and I-5 interchange.
Hidden Glen Logistics is a 286,600-sf industrial building on 16.6 acres and will feature an approximately one-acre trailer yard, which is a rare feature in the Portland market. Located at 6920 NE Saint Johns Road, the site is central between I-5 (1.9 miles) and I-205 (2 miles), approximately 13 miles north of Portland International Airport (PDX), 14 miles north of the Port of Portland, six miles north of the Port of Vancouver, and five miles south of the I-205 and I-5 Interchange.
With limited developable land in the Portland MSA, tenants at the properties are expected to service the entire Portland MSA and the properties’ locations along I-205 and I-5 should be a major demand driver with tenants. Additionally, proximity to I-5 allows easy access to Seattle (160 miles) as well as other Pacific Northwest cities. Nearly three million people reside in the greater Portland MSA and over 33 million people (10.1% of U.S. population) reside within a one-day drive from the properties.
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $21.0 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 24-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $36.8 billion of capital through a series of investment vehicles, including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Panattoni Development Company: Founded in 1986, Panattoni Development Company, Inc. is one of the largest privately held, full-service development companies in the world. Panattoni is headquartered in Newport Beach, California, and operates from 48 offices in the United States, Canada and Europe. Since inception, Panattoni has developed more than 550 million square feet of space including more than 211 million square feet of build-to-suit projects. Panattoni has developed industrial, office, and flex facilities in 310 cities located in 29 states and nine countries. Learn more at www.panattoni.com.