GRESHAM, OR-Equity Office Properties has sold a 38-acre parcel at Interstate 84 and Northeast 181st Avenue to San Francisco-based McMorgan & Co, a Taft-Hartley multi-employer pension fund manager that plans to utilize the land for a 650,000-sf industrial park.

McMorgan, which already owns eight developed properties in the Portland area, paid $6.7 million or $4.04 per sf for the site, which is located within a half mile of Southshore Corporate Park, a Catellus development that in February hit 100% occupancy for its built product.

McMorgan’s VP of real estate John Maxim tells GlobeSt.com that the new project, Gateway Corporate Center, was originally planned as a two-phase project, but now will be a three-phase project that will begin with a speculative 152,000-sf tilt-up warehouse building divisible to 5,000 sf.

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