PORTLAND, OR—PCCP, LLC has formed a joint venture with Capstone Partners, LLC to develop PDX Logistics Center II, a class A, 355,200-square-foot industrial building here. Situated on a 17.2-acre site, the project's location is adjacent to the Portland International Airport and the PDX Phase I development, also a joint venture between PCCP and Capstone.

PDX Logistics Phase II will be a 32-foot clear height, cross-docked building which will allow for either a full building user or a multi-tenant situation. The site offers a premier development location in the Portland area. It is located within one-half mile of the air cargo entrance at Portland International Airport and only three miles from Interstate 205.

“We are pleased to embark on a second quality industrial project with Capstone Partners in the Portland region,” said Erik Flynn, managing director with PCCP. “The firm has a history of successful development in the Pacific Northwest, and PDX Logistics Center II will deliver a highly institutional project in an irreplaceable logistics-oriented location,”

Flynn noted that the PDX Phase I development, comprised of two buildings totaling 491,000 square feet, is 100% leased to three users: Gateway Express; Ernst Packaging; and food distributor, KeHe. The project completed construction in November of 2014.

The Portland industrial market continues to show strength. It has seen a decrease in vacancy from 5.7% in the second quarter of 2014 to 4.8% in the second quarter of 2015 with rents increasing 9.3% during the same timeframe.

PCCP, LLC with offices in New York, San Francisco and Los Angeles is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors.