{"id":1004230332,"date":"2018-05-16T23:59:21","date_gmt":"2018-05-17T07:59:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004230332"},"modified":"2022-12-08T23:18:44","modified_gmt":"2022-12-09T07:18:44","slug":"crg-taps-into-portland-industrial-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crg-taps-into-portland-industrial-market\/","title":{"rendered":"CRG Taps Into Portland Industrial Market"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004230334\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Cubes-at-Troutdale.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004230334\" data-attachment-id=\"1004230334\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crg-taps-into-portland-industrial-market\/the-cubes-at-troutdale\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Cubes-at-Troutdale-e1526543052241.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Cubes at\u00a0Troutdale\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Cubes at\u00a0Troutdale&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Cubes-at-Troutdale-e1526543052241.jpg?w=1024\" class=\"wp-image-1004230334 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Cubes-at-Troutdale-e1526543052241.jpg\" alt=\"The Cubes at\u00a0Troutdale\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Cubes-at-Troutdale-e1526543052241.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Cubes-at-Troutdale-e1526543052241.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Cubes-at-Troutdale-e1526543052241.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Cubes-at-Troutdale-e1526543052241.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004230334\" class=\"wp-caption-text\">The Cubes at\u00a0Troutdale<\/p><\/div>\n<p>CRG will develop The Cubes at\u00a0Troutdale, a 350,000-square-foot speculative industrial and logistics facility in Portland, Ore.\u00a0BatesForum, a subsidiary of\u00a0Clayco, is serving as the architect on the project and construction is scheduled to start sometime this month, with occupancy coming available around September 2019.<\/p>\n<p>The property will be located on the east side of\u00a0Portland\u00a0in Troutdale Reynolds Industrial Park (TRIP) along Interstate 84. The facility will also be in close proximity\u00a0to the FedEx Ground hub, the Amazon fulfillment center and the Troutdale Airport.<\/p>\n<p><em>\u201cWe liked the investment dynamics of Portland. It\u2019s one of the most supply constrained markets on the West Coast and there\u2019s very strong demand fundamentals there with a good balance of manufacturing and distribution users in that market that are growing or looking to move into more modern facilities,\u201d<\/em> Mike Wurtsbaugh, CRG\u2019s senior vice president, told <em>Commercial Property Executive<\/em>. <em>\u201cWhat\u2019s unique about the West Coast, and Portland in particular, is that it\u2019s a very supply-constrained market and not a lot of land available.\u201d<\/em><\/p>\n<p>CRG already had investments in Seattle and see both cities as major markets for its operations and strategy going forward.<\/p>\n<p><em>\u201cThe company philosophy is to grow in primary strategic markets and we view the Pacific Northwest as a primarily logistics hub,\u201d <\/em>Wurtsbaugh said.<em> \u201cBoth Portland and Seattle have a strong regional focus and we\u2019re looking to invest in the top 10 primarily logistic markets where there is strong tenant demand, reasonable supply balance and where capital partners desire to own these properties long-term.\u201d<\/em><\/p>\n<h2>The Cubes way<\/h2>\n<p>The Cubes at\u00a0Troutdale\u00a0will be the fifth\u00a0industrial park under \u201cThe Cubes\u201d brand, which follows its strategy of developing for the future and anticipating the enhanced needs of next-generation industrial users.<\/p>\n<p><em>\u201cWhat makes this facility stand out is that this is a new, modern bulk distribution facility with\u00a0<\/em><em>truck parking, 36-foot clear building height, cross dock capability, ample trailer storage and car parks,\u201d <\/em>Wurtsbaugh added.<em> \u201cA lot of the older buildings are under 30-foot clear height, so ours is more typical of the modern area so tenants can go vertical in their cubic space, which makes it more cost-effective.\u201d<\/em><\/p>\n<p>According to Wurtsbaugh, e-commerce is driving business at CRG, as the industry demands more modern industrial buildings to accommodate consumer-centric strategies, and only 11 percent of total inventory has been delivered in the last 10 years.<\/p>\n<p><em>\u201cOur location is well-located on the Interstate Network system, where Portland can serve a regional market, so the majority of our tenants will have some logistic-related operation going on,\u201d <\/em>Wurtsbaugh said.<em> \u201cAnd in this new e-commerce world, users want to have the technology and modernization and ability to order product online and have it shipped. Not every company can invest in that level of technology, so they partner with third-party logistics providers, and we see a demand from them.\u201d<\/em><\/p>\n<p>CRG has been busy in May, having recently sold a newly constructed, <a href=\"https:\/\/www.commercialsearch.com\/news\/crg-sells-ga-industrial-asset-for-57m\/\">1 million-square-foot industrial asset<\/a> to Griffin Capital Co. in Savannah, Ga., for $57 million.\u00a0In January, CRG <a href=\"https:\/\/www.commercialsearch.com\/news\/crg-to-develop-former-intel-campus-near-seattle\/\">acquired DuPont Corporate Center<\/a>, a former Intel campus located south of Seattle.<\/p>\n<p><em>Rendering courtesy of CRG<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company will develop a 350,000-square-foot speculative industrial and logistics facility in Troutdale Reynolds Industrial Park, scheduled for completion next summer.<\/p>\n","protected":false},"author":451,"featured_media":1004506060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21742,28440,15],"tags":[32869,38680],"class_list":["post-1004230332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-latest","category-portland","category-west","tag-clayco","tag-crg-real-estate-solutions"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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