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ProLogis Picks Up 27 Acres Along Airport Way

PORTLAND-Known as the Trapold property, the farm land at 158th and Airport Way will become ProLogis Park PDX, a 500,000-sf industrial development for which the first couple of buildings are expected to get under way this year on a speculative basis.

By Brian K. Miller | Updated on March 20, 2005

PORTLAND-At around $4 per sf, ProLogis has acquired 27 acres of infill farmland known as the Trapold property northwest of the intersection of 148th Avenue and Airport Way, east of Interstate 205. The Denver-based developer plans to break ground later this year for ProLogis Park PDX, a 500,000-sf industrial development. The first couple of buildings are expected to get under way later this year on a speculative basis for delivery in 2006.ProLogis’ Ben Peterson tells GlobeSt.com the property will hold as many as four buildings or as few as one building if a user were to come forward with a large build-to-suit that was airport-oriented. Barring the large user, Peterson says the first couple of buildings could be under way this summer if all goes well, which would still leave wiggle room to consolidate the two remaining parcels and accommodate a 350,000-sf user.ProLogis already owns about 1 million sf in the immediate area, including PDX Corporate Center North and South, which sit on opposite sides of Airport Way immediately east of 138th Avenue, and PDX Corporate Center East, which lies a short ways east of 148th and north of Airport Way. Tony Reser of GVA Kidder Mathews brought ProLogis the deal for the Trapold property, which sits between its existing properties.”The market is really strengthening out there,” says Peterson. “We’ve done a lot of deals out there in the last two-and-a-half months, as have other landlords, and there is currently not a lot of large availabilities in the higher quality distribution product on Airport Way.”The bigger spaces right now are over in the Port’s Rivergate industrial area west of Interstate 5, says Peterson. “We will compete for that business but also will be able to divide down to as small as 10,000 sf, which has always been a strong market for smaller, airport-oriented businesses such as freight forwarders and import-export companies.”

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