Picture by Sven Mieke by way of Unsplash.com
A three way partnership of PCCP and Panattoni Develoment Co. plans to develop two Class A infill industrial parks totaling 625,320 sq. ft in Vancouver, Wash. The venture consists of Vancouver Logistics II and Hidden Glen Logistics.
The JV acquired the land for the event of Vancouver Logistics II for $10.1 million, with Zions Bancorporation offering a $30.9 million building mortgage, Clark County information present. In accordance with the identical information, Hidden Glen Logistics is topic to a $27.2 million building mortgage originated by HTLF Financial institution and the land buy was financed with $10.8 million.
Vancouver Logistics II will embrace two buildings, which can every whole 163,676 and 175,044 sq. ft, respectively, and can characteristic 32-foot clear heights. In accordance with Clark County At present, Panattoni beforehand accomplished Vancouver Logistics I in September 2022. The 170,089-square-foot constructing was leased to Thermal Provide Co. a month later.
Upon completion, Hidden Glen Logistics will whole 286,600 sq. ft throughout 16.6 acres and can characteristic an roughly one-acre trailer yard.
The 2 properties will likely be positioned at 7600 Northeast 88th St. and 6920 Northeast Saint Johns Highway, 2 miles from one another. The event websites are located within the Portland, Ore., market, roughly 16 miles from downtown, with entry to Interstate 5 and I-205. The Port of Vancouver, Wash., and Portland Worldwide Airport are roughly 14 miles from the constructing places. The properties are in a gorgeous location, given the restricted house for giant developments.
This venture represents the most recent partnership between PCCP and Panattoni. The 2 corporations beforehand teamed up to start with of 2022 to develop Tyger Ridge Logistics Middle, a 1.5 million-square-foot logistics park in Duncan, S.C. The economic park is scheduled for supply within the second quarter of 2023.
Portland’s industrial improvement potential
PCCP Senior Vice President Matt Cochran talked about in ready remarks that the traits of the Portland market, like a restricted provide pipeline and low emptiness charges, which in flip can result in vital hire progress and tenant demand, are turning Portland into an advantageous marketplace for industrial improvement.
As of February, Portland had a emptiness charge of 4.3 p.c, larger than the nationwide charge of three.9 p.c, based on the most recent CommercialEdge report. The market’s improvement pipeline had 1.6 million sq. ft below building, representing 0.8 p.c of inventory.
