MEPT Leases More Port Land, Plans More Warehouse Space

PORTLAND-Multi-Employer Property Trust is investing more money at the Port of Portland’s Rivergate Industrial District. Last week the Port approved a 55- to 85-year lease of 27 acres there that will be developed by Trammell Crow Co. into a warehouse complex of approximately 600,000 sf. The pre-paid lease rate on the deal is $4.75 per sf for the initial 55-year term, which can be extended by five years six times.

Delaware-based Multi-Employer Property Trust is a $3 billion collective investment fund whose primary beneficiaries are union pension funds. Riggs & Company, a division of Riggs Bank N.A., of Washington, D.C., is MEPT’s trustee, but the buying or leasing of land is done through Seattle-based Kennedy Associates Real Estate Counsel Inc., which has been busy in Portland on behalf of MEPT.