Tuesday, July 16, 2013

Logistics Center Planned for Portland Port Property

Plans have been finalized to build the PDX Logistics Center I -- the first phase in a three-building, two-phase, 833,360-square-foot logistics park – within the Portland International Center owned by the Port of Portland.

Construction of the first phase, a two-building, 491,200-square-foot project, is expected to begin in August, with completion expected in early Fall 2014. The PDX Logistics Center site is located adjacent to Portland International Airport.

The project is expected to provide tenants with immediate access to the 205 freeway and close proximity to airport freight and transportation services. Construction is being handled by real estate development company Capstone Partners and finance and investment firm PCCP.

“There is currently a shortage of large Class A logistics space over 250,000 square feet in the Portland Metro market,” Capstone Partners Principal Chris Nelson said. “PDX Logistics Center is well positioned to provide new supply of modern industrial park space to meet the increasing needs of new and expanding traded sector firms seeking industrial space.”

The 26-acre property is being leased from the Port of Portland on a long term, 50–year, pre-paid ground lease.

“Attracting new employers to create local jobs and increase our tax base first requires a place for them to locate and grow,” Port of Portland Executive Director Bill Wyatt said. “This lease and the forthcoming development at Portland International Center will be a significant bellwether for economic development and prosperity in this region.”