PORTLAND PROPERTY FIRMS SNAP UP PORT LAND FOR WAREHOUSE USE

PORTLAND PROPERTY FIRMS SNAP UP PORT LAND FOR WAREHOUSE USE

Two Portland, Ore.-area commercial and industrial property firms are buying land in the Port of Portland's Rivergate industrial park for construction of a pair of multitenant warehouse facilities.

Port commissioners approved the sale of a little more than 10 acres to Spieker Properties LP, located next to Northwest Tire Factory Group Inc.'s distribution center in North Rivergate. Spieker plans to build a speculative warehouse development of about 180,000 square feet there. The company paid $1.12 million for the property but has not disclosed an estimate for its total investment in the project.Commissioners also approved the purchase of a 6.4-acre parcel in South Rivergate by SN Properties Partnership, for $768,000. The land is adjacent to the Carquest auto parts distribution facility. SN plans to build a 125,000- square-foot warehouse on the site, with a total project investment of about $2.85 million.

The new facilities will help fill a need for leasable warehouse space in the 2,800-acre industrial park, said Peggy Krause, senior real estate associate for the port. There's a lot of demand from businesses needing a place to store their products that is close to the port's primary marine container facility at Terminal 6, she added.

Terminal 6 is located in the northern portion of Rivergate, along the south shore of the Columbia River.

"The majority of industrial users in Rivergate, including those having marine-related businesses, lease space rather than buy land and build facilities," Ms. Krause said. The two projects "will provide more options to those looking to locate in Rivergate."