Portland, Ore. (November 17, 2014) - 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 SW 118th Avenue 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. southwestindustrialpark.com
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.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 450 real estate professionals and staff in 9 offices in Washington, Oregon, and California. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $2.9 billion in transactions, manages 30 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit www.kiddermathews.com.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation's leading developers and investors in commercial real estate. Trammell Crow Company's teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet and as of September 30, 2014, Trammell Crow Company had $5.1 billion of projects in process and $2.9 billion in its pipeline. The Portland Oregon business unit has operated continuously since 1978 and remains the most active industrial developer in Portland having developed and in process developments totaling nearly 3.5 million square feet since 2005. For more information visit trammellcrow.com.