The distributor of printing and imaging papers, packaging systems and maintenance supplies is relocating from three buildings at Commerce Park McLoughlin, an industrial development owned by Trammell Crow where the company has been located for 17 years. The new lease represents a 10% expansion for the company.
Cushman & Wakefield brokered both sides of the 60-month transaction. Gary Randles of Portland and Ray Stache of Atlanta represented Unisource while Tony Reser and Linda Craig, both of Portland, represented the building owner, Evergreen Industrial I LLC, a group of Eugene-based investors that also own the former Firestone building on I-84 now occupied by Hanna Sherman.
Reser tells GlobeSt.com that the transaction included the renovation of 14,000 sf of existing mezzanine office space and the addition of loading equipment and finger docks -- amenities that newer buildings have but that older buildings such as this one do not. "When you see movement and momentum in older buildings like this, it is a good sign for the market," says Reser.
The lease rate on the transaction was not released by the parties involved, but Reser did say the rate was below the asking rate of $0.28 for the shell and a $0.65 surcharge for office space. Other brokers familiar with the transaction say it included several months of free rent in addition to the physical improvements.
The Unisource lease leaves 60,000 sf of availability at I-84 Industrial Center. The available space was vacated recently by ProBind, which is believed to have gone out of business, says Reser.
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