The buyer is Framingham, MA-based Staples Inc. The transaction completes a build-to-suit agreement inked in January. The building sits on less than half of the acreage involved in the sale. The excess acreage will allow for the building's eventual expansion to 455,000 sf.
There was serious competition for Staples, which examined locations from Centralia, WA to Salem, OR over the past three years as it sought the best location for its regional warehouse and distribution operation. The new building consolidates two other regional Staples distribution operations, including that of its Quill Corp. subsidiary located at 15323 NE Airport Way in Portland.
Staples is now the second largest tenant at Southshore behind Bridgestone/Firestone, the park's inaugural tenant, which occupies 295,000 sf. Other tenants include Alexander's Moving & Storage (110,000 sf), EJ Bartells (110,000 sf), Synetics Solutions (155,000 sf), Spicers Paper (90,000 sf), Harry's Fresh Foods (80,000 sf), Frito Lay (80,000 sf), Innovion (45,000 sf), Danner Shoe (55,000 sf) and Kinco International (58,500 sf).
Scott MacLean of Portland-based Norris Beggs & Simpson represented Staples in the transaction with David Ginther of Dallas-based Fischer & Co. Tom Talbot of Grubb & Ellis represented Catellus. Catellus acquired the raw land for Southshore in 1998 for $1.50 per sf.
The Staples deal leaves about 45 acres of 230 acres still to be developed at Southshore--25 acres in Gresham and 20 acres in Portland. The available acreage could hold as much as 700,000 sf, which would bring the development at the park to right around 2 million sf.
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