Mastercraft Furniture has leased 21,000 sf at ProLogis Trust's Wilsonville Corporate Center and Wilbur-Ellis has leased 21,500 sf in Greg Specht's Stafford Distribution Center.
Mastercraft, which has a manufacturing facility near Wilsonville Corporate Center, leased its warehouse space in two separate buildings. "It's tough to find space down here," Stu Peterson of Macadam Forbes tells GlobeSt.com. Peterson represented Specht and Mastercraft in the transactions and also represented Specht in Hollywood Entertainment's recent 83,800-sf renewal and expansion lease at Stafford Distribution Center, which was reported on GlobeSt.com last week.
Industrial vacancy is down to 5% in the Wilsonville market, but not for long. Coming on line in a just a few weeks is a new 250,000-sf warehouse is called the Wilsonville Distribution Center. Trammell Crow Co. is developing the building on behalf of AMB Property Corp.
Dave Brown of Columbia Commercial represented Wilbur-Ellis. Specht Development is a privately held company based in Beaverton, Ore. ProLogis Trust is a publicly traded real estate investment trust that owns and operates a worldwide network of distribution centers.
Asking rates for existing industrial space in the Wilsonville market are in the low-to-mid $0.30s per sf per month. Net effective rents could sink down into the high $0.20s, however, after owner concessions are taken into account, especially on larger deals.
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