Trammell Crow Company, a commercial real estate development and investment firm, and their partner, Washington Capital Management, an investment advisory firm, have purchased a 17.3 acre industrial land site in Tualatin, Oregon for $4 million. Kidder Mathews senior vice presidents, Peter Stalick and Steven Klein, and vice president, Zach Francis represented both the buyer and the seller in the transaction.
The 17.3 acres of land is located at 19585 S.W. 118th Ave., in the heart of the Tualatin industrial submarket, and was purchased for the purpose of developing Southwest Industrial Park, the largest new development project in Southwest Portland currently under construction.
The park will include 301,709 square feet of new industrial space in four new buildings. The buildings vary in size from 37,975 square feet up to 145,136 square feet. Stalick and Klein, both partners with Kidder Mathews, are handling the marketing and leasing for the new project.
There are several new speculative developments in the Portland Metro area currently under construction, however very few of them offer tenant space sizes under 50,000 square feet. Southwest Industrial Park is designed to accommodate tenants from 11,400 square feet up to 145,136 square feet, making it one of very few projects in the City of Portland able to accommodate smaller tenants under 50,000 square feet.
Trammell Crow Company commenced the demolition of the existing older manufacturing buildings in November and this new project is scheduled to be delivered in third quarter 2015.
"This project is one of the largest and most significant industrial projects in the I-5 Corridor in the past six years," said Stalick, senior vice president and partner with Kidder Mathews.