PORTLAND—Capacity Commercial Group/CORFAC has brokered the lease of approximately 230,000 square feet to Keystone Automotive Industries. Based in Exeter, PA, Keystone is the leading distributor and marketer of specialty automotive equipment and accessories in North America.
David Ellis and Don Ossey, principals of Capacity Commercial Group/CORFAC International, a leading full-service commercial real estate provider serving the Portland metropolitan market, announced the deal.
Keystone leased 229,141 square feet at Interstate Crossroads Distribution Center (ICDC) located at NE 166th Avenue and NE Cameron Boulevard in Portland and 13 miles east of Downtown Portland. ICDC is comprised of one 492,552-square-foot manufacturing and distribution facility situated on 28.13 acres. The remaining 262,000 square feet of available space is divisible and the building features include:
§ 32' clear height
§ 104 dock doors
§ 9 grade-level doors
§ 50' x 52' column spacing (more at loading bays)
§ ESFR sprinkler
§ 4,000 amps of 480 volt 3-phase electrical
§ Gated truck staging and trailer storage areas
The owner, Interstate Crossroads LLP, is a joint venture of real estate finance and investment management firm PCCP, LLC and project developer Specht Development. Ossey, Ellis, along with Rob McEachern with Capacity Commercial Group/CORFAC International represented the owner/developer in the lease to Keystone Automotive.
When construction started on ICDC in the fall of 2014, it was the largest speculative industrial project in the Portland marketplace. The Portland metro industrial market has been strong in recent years with the vacancy rate declining to approximately 5% now. Further, rents have increased approximately 10% annually since 2012.
"Keystone Automotive is a quality tenant making a long term commitment to Portland. A lot of the speculative industrial product that has been built in the last year has been absorbed and our industrial market is very active at present," said Ellis.
Capacity Commercial Group/CORFAC International offers a highly customized brand of office and industrial real estate services.
PCCP, LLC 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, and has offices in New York, San Francisco and Los Angeles. CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
