PORTLAND, OR-Clarion Partners leased 225,250 square feet of industrial space to SoloPower Inc. at Marine Dr. Distribution Center I, 6308 N. Marine Dr. here. Tom Talbot, Tony Reser, and Sean McCarthy of Kidder Mathews represented the landlord, Clarion Partners.
According to Talbot, this lease represents one of the largest industrial transactions for the Portland/Vancouver market in 2011. “This was a win-win transaction for both parties,” he says. “Now there are no other vacant buildings larger than 150,000 square feet anywhere in the North/Northeast Portland submarkets.”
Talbot continues that “Any large users may be forced to look to new construction as the only solution to operating in large spaces. Continued leasing of large blocks of space will certainly lead to lower vacancies and higher rents.”
San Jose, CA-based SoloPower is an innovator of thin-film photovoltaic cells and modules. In January, the company announced their intentions to create 500 jobs and invest approximately $340 million into a new solar panel manufacturing facility in Wilsonville, OR. The City of Wilsonville would not create a special enterprise zone for the company, according to a prepared statement, “but the City of Portland was eager to locate SoloPower within its Rivergate Industrial District, which has now designed new jobs and investment for manufacturing companies.”
SoloPower is set to receive substantial assistance from multiple layers of government, including $197 million from the U.S. Department of Energy, $14 million from the State Business Energy Tax Credit Program, $20 million from Oregon's Energy Loan Program, and $15 million in tax abatements for the Rivergate Industrial District.
Clarion Partners' asset manager, Ryan Collins, is enthusiastic about SoloPower’s commitment at the park. Collins says that “We are very pleased to have such a high-quality tenant in Marine Drive Distribution Center and truly value their tenancy.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
