Riddle me this: How can home sales grow when we have no homes to buy?When a monthly home sales print fails to meet expectations the excuse often used is that inventory is too low to meet the demand.
One Of Portlands Largest Real Estate Projects To Nearly Double In Size
Fresh off a huge lease that ate up 383,000 square feet of brand new industrial space, the partners behind the PDX Logistics Center have officially launched a huge second phase of the project.
PCCP LLC and Capstone Partners LLC are developing the $24.5 million PDX Logistics Center II, a class A, 355,200-square-foot industrial building near thePortland International Airport. The 17-acre site sits next to Phase 1 of the development, which is a two-building, 491,200-square-foot project. The first phase of the development has been 100 percent leased to three tenants: Gateway Express, Ernst Packaging and KeHe Distributors.
According to a release from PCCP and Capstone, PDX Logistics Phase II will be a 32-foot clear height, cross-docked building that will allow for either a full building user or a multi-tenant situation. The site is less than a mile from the air cargo entrance at the airport and about three miles from Interstate 205. The project broke ground recently and should be completed in 2016.
“We are pleased to embark on a second quality industrial project with Capstone Partners in the Portland region," said Erik Flynn, managing director with PCCP. "PDX Logistics Center II will deliver a highly institutional project in an irreplaceable logistics-oriented location.”
According to the release, the Portland industrial market has seen a decrease in vacancy from 5.7 percent in the second quarter of 2014 to 4.8 percent in the second quarter of 2015. During the same timeframe, rents have increased more than 9 percent.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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