Port of Portland sells industrial acreage to speculative developer

Oregon’s Port of Portland is selling about 19 acres of land for $5.24 million to Clayco real estate development subsidiary CRG, which plans to build a 344,000-square-foot facility on the site.    The Port of Portland Commission in Oregon on Wednesday approved the sale of about 19 acres of land at the Troutdale Reynolds Industrial Park for a new speculative development.
   The property is being sold for $5.24 million to Clayco real estate development subsidiary CRG, which plans to build a 344,000-square-foot facility that can accommodate up to four industrial users for manufacturing, distribution and offices.
    CRG is new to the Portland market, but is one of the nation’s largest real estate developers and has a portfolio of clients that includes such companies as Amazon, Pfizer and Walgreens.
   The transaction marks another step forward in the transformation of the industrial park, a 700-acre brownfield redevelopment. In February, the port approved the sale of 74 acres for development of an Amazon fulfillment center. The park, which is currently home to a regional FedEx Ground hub, is located next to the Troutdale Airport.
   “We expect this development to follow suit in attracting nationally known companies that will bring quality jobs to our region,” Port of Portland Chief Commercial Officer Keith Leavitt said.
   “We see significant opportunity in the site with close proximity to the FedEx Ground hub, the Amazon fulfillment center, I-84 and the Troutdale Airport,” Clayco Western Region Vice President John Banchero said, adding that the newly-purchased site would be geared to attract industrial, logistics and fulfillment users.
   The port purchased the property in 2007 and to date, the port and its partners have invested more than $130 million into the site’s purchase and redevelopment.

Correction: A previous version of this story indicated that parent company Clayco was purchasing the land.