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February 10, 2015

A massive Gateway lease could signal a hotter Portland industrial market

Portland Business Journal

Jon Bell

Confirming that demand has returned for speculative industrial space in the metro region, a medical products distributor has signed a lease for 125,542 square feet in one of the first new industrial projects to come online in recent months.

RGH Enterprises Inc., which does business as Cardinal Health, signed the lease for space at Gateway Corporate Center's Building F, a 215,250-square-foot building at Northeast 181st Avenue and Northeast Sandy Boulevard. The building now only has just about 89,000 square feet remaining available.

"The Gateway Corporate Center project is unique as it is located on a major I-84 freeway interchange at Northeast 181st Avenue, which provides immediate freeway access which is coveted by logistics companies," said Peter Stalick, a senior vice president and partner with Kidder Mathews. "Building F was one of the first to deliver completed construction and the first to sign a significant lease."

Stalick and Steven Klein, also a senior vice president and partner with Kidder Mathews, are marketing the project and negotiated the deal with RGH. Monte Haynes with Kidder Mathews provided the development and construction management services for the owner, MIREF Gateway LLC. and New York Life RE Investors.

Julie Makris and Andy Kangas with CBRE represented RGH. Perlo Construction built the facility.

Kidder Mathews and New York Life RE Investors are now working on designs for Phase III of the Gateway Corporate Center, which would include an additional 208,000 square feet in two buildings and would finish out the 38-acre project.

These newer buildings would be divisible to 20,000 square feet and larger, which Stalick said is a size range not being addressed by any of the new developments in this submarket. Most of the new developments are designed for larger tenants of 100,000 square feet or greater.

For the full story, go to Portland Business Journal.

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