The Port of Portland Commission has approved a 14-acre, 50-year lease with locally based Capstone Partners and its investment partner PCCP to develop Phase III of the PDX Logistics Center.
At more than one million square feet, the facility will have five state-of-the-art buildings; two of which are already leased to trade and logistics tenants.
The project, located within the Portland International Center, is close to airport freight and transportation services near Portland International Airport, and TriMet’s Airport Max light rail line.
Capstone Partner principal, Chris Nelson says: “The combination of air and ground transportation services infrastructure and immediate access to I-205 make PDX Logistics Center ideally suited for a broad range of industrial tenants.
“The ability of this region to have shovel-ready industrial land for companies that wish to expand or relocate to Portland is critical to the long term economic health of our region.”
Phase III of the project will add two additional buildings, approximately 250,000 square feet. Construction on Phase III is expected to begin this July, with completion by summer of 2017.
The Port’s chief commercial officer, Keith Leavitt adds: “This lease and development will create more local jobs and give traded-sector businesses room to expand or grow in our region. The property’s unique location next to the airport, freeways and other businesses offer users uncommon access.”
Businesses operating in the initial, two-building phase of the project (Phase I) include Gateway Express, a Singapore-based e-commerce company; specialty packaging company Ernest Packaging and KeHE Distributors, a natural and organic food distributor.
A third building (Phase 2), which will add 355,200 square feet, is now under construction and will be completed this July.
