Capstone Partners and its partner PCCP have plans to begin construction on PDX Logistics Center I, the first phase in a three-building, two-phase logistics park of 833,360 square feet in Oregon’s Portland International Center, owned by the Port of Portland.
Construction is scheduled to begin on the first phase in August for a two-building, 491,200 square foot project, expected to be completed in early fall 2014. Building 1 is a 383,040 square foot facility with a 32-foot clear height, and Building 2 is a 108,160 square foot facility with a 26-foot clear height.
The PDX Logistics Center is adjacent to Portland International Airport and Interstate 205. The 26-acre property is being leased from the Port of Portland on a 50-year, pre-paid ground lease.
The project was designed by Mackenzie of Portland, and Perlo will serve as the general contractor. Key Bank Real Estate Capital is the construction lender, and Paul Breuer and Jerry Matson with Colliers International will provide leasing services.
“There is currently a shortage of large Class A logistics space over 250,000 square feet in the Portland metro market,” said Chris Nelson, principal of Capstone Partners, in a written statement. “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 in this superior location.”