"ProLogis has provided us with high-quality distribution space in other markets and they had a site ready to go, making them the clear choice for helping us expand in this market," said Joel Benedetti, general manager for Bunzl/Papercraft, as part of the announcement. ProLogis' Ben Peterson tells GlobeSt.com that Bunzel signed a seven year lease that leaves just about 23,000 sf in the building for another tenant.

Bunzl/Papercraft currently consists of a Bunzl facility in Harsch Investment's Stockyards development on Marine Drive and a Papercraft facility in Commerce Park in Milwaukie, Ore. Those operations total about 120,000 sf. The new facility is smaller but will have newer equipment and be much more efficient for the company, says Peterson. "The company looked at Gresham and Rivergate as well," he says. "We weren't the cheapest, but for a brand new building on a build-to-suit basis, it was one of the best rates they could get."

To meet Bunzel's time frame, ProLogis had already begun the pre-construction process and secured all building permits prior to finalizing the lease. Construction of the building began in early August and is scheduled for completion in January 2003. Sierra Construction of Seattle is the general constractor.