The company, which is expanding its operations from within the region, will also retain a presence in Vancouver, WA. The transaction is recognized as the largest industrial lease signed in the Portland Metropolitan market year-to-date 2020.
Blue Lake Corporate Park is owned by the partnership of Trammell Crow Company and a fund advised by Principal Real Estate Investors, LLC. The project is Airport Way’s newest Class A industrial development and consists of two buildings totaling 463,500 sf on a 41-acre site. Built on a speculative basis, the project was substantially completed in May. Hawthorne Hydroponics leased all of Building B and will serve as the project’s anchor tenant.
Cushman & Wakefield Portland’s Brad Carnese, Aaron Watt and Keegan Clay represented the owner in the transaction. Stuart Skaug of CBRE Portland represented the tenant.
Able to lease the property within just five months of completion and amidst the far more challenging environment brought on by the pandemic, the trio from Cushman & Wakefield expressed their excitement to have Building B fully leased and stabilized with a high-quality anchor tenant, and to have represented ownership in securing this significant new lease for the local market. The team is also currently in talks with other potential prospects for the remaining space in Building A—from both partial and full building users, though no official leases have yet been secured.
The team emphasized that Portland’s industrial market fundamentals remain very healthy, with low vacancy and strong activity, particularly across eCommerce, food & beverage and consumer goods.
Steve Sieber, Principal with Trammell Crow in Portland, said, “We designed Blue Lake Corporate Park with top-of-market features that would appeal and suit a variety of warehouse users, while also selecting an ideal location in Portland’s highest velocity market. As the fourth-largest city in Oregon and the second largest in Portland’s metropolitan area, Gresham benefits from business-friendly demographics, strong transportation connections for commuters and freight and a high quality of life. The city also boasts access to a skilled labor force.”
Blue Lake Corporate Park delivers easy ingress/egress to Interstates 84, 205 and 5. The park is just minutes from the I-5 Corridor, the West Coast’s most prominent distribution channel.
For more information visit the project web site at http://www.bluelakecorporatepark.com/
