PCCP, LLC, a California-based real estate finance and investment management firm, has partnered with Capstone Partners to develop a Class A, 355,200-square-foot industrial building in Portland, Oregon. Situated on a 17.2-acre site, PDX Logistics Center II is adjacent to the Portland International Airport and the PDX Phase I development, also a joint venture between PCCP and Capstone.
"We are pleased to embark on a second quality industrial project with Capstone Partners in the Portland region. The firm has a history of successful development in the Pacific Northwest, and PDX Logistics Center II will deliver a highly institutional project in an irreplaceable logistics-oriented location," said Erik Flynn, managing director with PCCP, in a press release.
PDX Logistics Phase II will be a 32-foot clear height, cross-docked building which will allow for either a full building user or a multi-tenant situation. The Portland industrial market continues to show strength, according to a GlobeSt.com article. It has seen a decrease in vacancy from 5.7% in the second quarter of 2014 to 4.8% in the second quarter of 2015 with rents increasing 9.3% during the same timeframe.
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