By Keith Loria, Contributing Editor
A joint venture between Trammell Crow Co. and Principal Real Estate Investors has finished the development of Glisan Corporate Park, a three-building, 504,528-square-foot speculative development in Gresham, Ore.
“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; nearly 4.4 million square feet is currently under construction, however 72 percent of that is preleased,” Steve Wells, Trammell Crow Co.’s senior managing director of its Portland office, said in a prepared release.
Situated on 28.5 acres, the property marks the first LEED-certified industrial speculative development completed since 2012.
According to Louis Fontenot, Jr., Trammell Crow Co.’s LEED AP and vice president in Portland, the LEED certification creates value for tenants and the community in several ways.
“The energy and water efficiency standards employed in the buildings will reduce utility costs on an ongoing basis,” he said. “Second, the indoor environmental quality measures implemented inside the building will create a healthier, more productive workplace for staff, and lastly, the LEED certification of this park demonstrate our commitment to a healthy environment for employees, neighbors and the community.”
The trio of buildings contains industrial space ranging from 139,727 to 200,701 square feet, and boasts 30 to 32-foot clear heights. There’s also plentiful parking and storage for trailers, and each building sits on its own parcel, with utilities (water/sewer) to serve each.
Glisan Corporate Park is in a neighborhood that includes a Subaru distribution center and ON-Semiconductor facility, which adds to its visibility in the area.
Already drawing interest
CBRE Portland’s Cara Nolan and Stuart Skaug are serving as the exclusive listing agents for the property and noted that there’s already an impressive mix of prospective tenants that are either new to the Portland market or looking to expand current operations.
In February, Trammell Crow Co. developed a new 302,000-square-foot Toyota dealership in Los Angeles for Lithia Motors.
Overall, Trammell Crow Co. has developed or acquired more than 2,600 buildings valued at nearly $60 billion and totaling more than 565 million square feet. The company was named the top development firm by Commercial Property Executive and Multi-Housing News in 2017.
Image courtesy of Trammell Crow Co.