Complete: Glisan Corporate Park
Industrial corporate construction is still going strong in Portland and its suburbs.
Partners Trammel Crow Company and Principal Real Estate Investors recently completed their Glisan Corporate Park development in Gresham.
The three-building project totals 504,528 square feet, occupying a 28.5-acre site. For sale or for lease, the buildings each range from 139,727 to 200,701 square feet of industrial space featuring 30- to 32-inch clearance heights, surface parking and trailer storage. The complex is also the first LEED-certified speculative industrial development since Rivergate IV was built in 2012. Rivergate III and Birtcher Fairview were certified in 2008, and 115 Commerce Park and Prologis Building 4 were certified in 2009.
"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," said Steve Wells, senior managing director of Trammel Crow Company's Portland office. "Nearly 4.4 million square feet are currently under construction, however 72 percent of that is preleased."
The Gresham location neighbors ON-Semiconductors and a Subaru distribution center.
"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."
The Gresham Enterprise Zone, in general a development tool to create higher-wage jobs and make higher capital investments, requires a minimum investment of $1 million, a procurement plan to increase purchasing with Gresham companies, providing quality jobs with benefits, an application fee, a community service fee and a business identity clause for those who move in.
Gresham has six enterprise zones, and Oregon has nearly 70.
"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."
As for the developers, Los Angeles-based Trammel Crow Company was founded in 1948, and has developed or acquired more than 2,600 buildings valued at more than $60 billion and more than 565 million square feet. As of December 31, 2017, Trammel Crow had $6.8 worth of projects in process and $3.8 billion in its pipeline.
Global company Principal Real Estate Investors manages or sub-advises $75.9 billion in commercial and real estate assets. It is based in Des Moines, Iowa.
CBRE Portland's Cara Nolan and Stuart Skaug are the listing agents for Glisan Corporate Park.
Glisan Corporate Park
Developer: Trammel Crow Company
Capital Partner: Principal Real Estate Investors
Architect: Mildren Design
Contractor: Perlo Construction