Trammell Crow, Affinius Kick Off 800 KSF Portland-Area Project

Trammell Crow Co. and Affinius Capital have kicked off construction on Sequoia Logistics Center, a speculative industrial project spanning 788,720 square feet in Canby, Ore. The Class A development is slated for completion in January 2027.

Perlo Construction serves as the general contractor for the Mackenzie-designed project. KBC Advisors and Kidder Mathews will market the development for lease.

Sequoia Logistics Centers will feature a clear height of 40 feet, being the sole such property available for lease on the Oregon side of Portland’s market. Additional specifications will include 4,000 amps of power capacity, 143 dock doors, as well as 224 trailer and 798 auto parking spaces.

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Located at the intersection of South Township Road and Sequoia Parkway, the construction site is about 21 miles south of downtown Portland. Aurora State Airport operates some 7 miles away, while Interstate 5 runs within roughly 8 miles.

Canby’s industrial area provides superior thoroughfare access and development readiness, according to a company statement. Trammell Crow’s projects in the area go beyond its recent construction start. Five years ago, it completed a 514,500 build-to-suit project for a beverage distributor.

TCC has developed or acquired 3,000 properties valued at $90 billion, spanning more than 700 million square feet. It also partnered with Affinius Capital on some of those, such as a 484,000-square-foot industrial park in Aston, Pa., dubbed Springbrooke Trade Center.

Portland’s tight industrial market

Greater Portland had more than 1.3 million square feet of industrial space underway as of July, accounting for 0.6 percent of stock, significantly below the national average of 1.7 percent, according to the latest Yardi Matrix report.

The market’s average industrial rent grew 5.7 percent, clocking in at $10.40 in July, above the national average of $8.63, the report shows. With limited supply, Portland’s vacancy stood at 7.0 percent, also outperforming the U.S. average, which landed at 9.1 percent.

In terms of industrial deliveries, TCC broke a record earlier this year when it partnered with Diamond Realty Investments to complete the largest speculative industrial facility in the Pacific Northwest, a nearly 1.2 million-square-foot warehouse in Kelso, Wash., about 50 miles from Portland.