Although the exact lease amounts were not made available, but the asking rates for the building, located at 5962 NE 87th Avenue, is $0.35 psf/month for just the shell, and $0.65 psf/month for improved space. This rate is considered typical for the market, according to Patricia Raicht, Client Services Manager at Grubb & Ellis' Portland office.
Built in 1979, the building is the former home of Titan Air Freight which has since relocated to a building that the company purchased. In all the two new leases will take up the entire 14,000-sf of space in the building. DVA's lease is for 7,200-sf, while Terminal Transfer's lease is for 6,800-sf.
Tom Talbot SIOR and Steve Barragar, both of Grubb & Ellis' Portland office represented both lessees and the lessor, First Industrial LP.
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