Trammell Crow Inks Full-Building Portland-Area Lease
The tenant will occupy 276,000 square feet of a speculative development.
Trammell Crow Co. has inked Consolidated Supply Co. to a full-building lease at Woodland Industrial Park in Woodland, Wash. The family-run plumbing and water works supply company will occupy all 276,092 square feet of the property’s East Building upon completion in the fall.
At full build out, Woodland Industrial Park will include two buildings on a 66-acre site. It is currently 30 percent leased. The West Building is larger, at 655,094 square feet, and is a cross-dock warehouse with a 40-foot clear height and 130 trailer parking stalls.
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Mackenzie designed Woodland Industrial Park, with Sierra Construction as the project’s general contractor. Capacity Commercial Group, which is marketing the property, represented TCC in lease negotiations. Stu Peterson of Macadam Forbes represented Consolidated Supply in the deal.
Located at 345 N. Pekin Road, Woodland Industrial Park is less than two miles from Interstate 5 and about 22 miles from Portland, Ore.
Founded in 1928, Consolidated Supply is a wholesale distributor that serves professional plumbers, utility contractors and municipalities in the Pacific Northwest from 22 branch locations in the region. The company also operates The Fixture Gallery, a series of decorative plumbing showrooms.
The development isn’t the only one in greater Portland for Trammell Crow. Last year, the firm and partner Affinius Capital kicked off development of Sequoia Logistics Center, an 88,720-square-foot speculative industrial project in Canby, Ore. It will be completed in 2027.
Portland Industrial Market Softens
Industrial space users in greater Portland are reassessing space needs amid economic uncertainty and softening demand for space, according to Kidder Mathews. Leasing remains focused on newer properties that support cross-border access, highway connectivity, and tax advantages.
Industrial development is sluggish in greater Portland. Currently about 0.6 percent of existing stock is under way, according to Yardi Matrix. That is near the bottom of the markets the data provider tracks, and well below the national average of 1.7 percent of existing stock.
Industrial market fundamentals in Portland are middling, with vacancy at 7 percent—higher than the 6.1 percent national average, according to Yardi Matrix. Rents are up 5.7 percent year-over-year, also trending below the national average, which was up 6.1 percent for industrial product.
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