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February 05, 2015

Ground breaks on Portland region's newest industrial building

Portland Business Journal

Jon Bell

A Reno, Nevada, industrial real estate development company is breaking ground this morning on the metro region's newest spec industrial building.

Dermody Properties will build a 98,400-square-foot building on six acres at Northeast 60th Ave. in Vancouver. Called LogistiCenter 205, the facility is located about two miles from I-205 and 11 miles from Portland International Airport. A marketing brochure for the building notes that space will be available on July 1.

Dermody hopes to attract a single tenant for the building, though the marketing information notes that the space would be dividable to about 50,000 square feet.

While demand for all kinds of industrial space is up across the metro region - the overall vacancy rate approached 5 percent by the end of 2014 - spaces of 50,000 square feet or less are proving to be harder for tenants to find, according to Denes Juhasz, a research analyst at Newmark Grubb Knight Frank.

"Most of the new construction coming to the market is focused on tenants occupying 100,000 square feet or more," he said. "With a 4.3 percent vacancy rate for available spaces that are under 100,000 square feet, developers should consider how to divide these larger spaces in order to accommodate smaller tenants."

Dermody Properties purchased the Vancouver site from a private seller. Tony Reser, Tom Talbot and Scott Murphy of Kidder Mathews, Portland are marketing the property to prospective tenants for Dermody Properties. Mackenzie served as the architect for the project while Perlo Construction of Portland is building the facility.

For the full story, go to Portland Business Journal.

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