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TCC Buys Out Partner in Cascade Station

PORTLAND, OR-Construction is set to begin an 800,000-sf retail center that is expected to generate demand for the 1.2-million-sf office component.

By Brian K. Miller | Updated on July 18, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

PORTLAND, OR-Trammell Crow Co. has bought out its majority partner in Cascade Station Development Co., the developer of Cascade Station, a 120-acre mixed-use development site at Interstate 205 and Airport Way where construction is about to begin on an 800,000-sf destination retail center. The purchase price has not been disclosed by TCC and was not otherwise immediately available. A source at TCC tells GlobeSt.com that Bechtel was by far the majority owner and that the transaction closed late last week.

Concurrently, TCC says it has completed previously announced transactions with Ikea and Costco Home, which will book-end the 765,000-sf retail portion of Cascade Station with 280,000-sf and 120,000-sf stores, respectively. The balance of the retail space, named the Village at Cascade Station, will be a joint development between TCC and Tigard-based retail specialist CenterCal Properties. The duo says it expects the center will be 80% preleased when construction commences in the coming weeks, including commitments by several tenants that will be making their Oregon debut. The center and its two ghost anchors are expected to open in the summer of 2007. The rest of Cascade Station is slated for a hotel or two and about one million sf of office space.

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