224 Logistics Park Just Sold

Portland Industrial Owner LLC – a joint venture sponsored by Specht Development, Inc. recently sold 224 Logistics Park Building, a highly-functional distribution building totaling 829,087 SF in Portland, OR. The Property features 123 dock high doors, heavy power, and extensive state-of-the-art improvements including 18,406 SF of cooler space and 11,073 SF of freezer space. The property is 100% leased to 5 highly committed tenants.

National Partners and Don Ossey of Capacity Commercial Group served as brokers for the sale to CIRE Equity.

The Ridgefield Industrial Center, a 468,810 square foot industrial facility located in Ridgefield, WA recently achieved full occupancy. This notable milestone marks the successful lease up of a project launched in August 2021.

Ridgefield Industrial Center was developed in a joint venture between RREEF/DWS and Specht Development, Inc. This successful partnership resulted in the construction of a single 36’ clear concrete tilt-up industrial building, delivered on time and under budget. The tenant makeup and swift leasing of this project reinforce the need for additional high-quality industrial space in the Portland/SW Washington market.

The project welcomed its first tenant, Child Logistics, Inc., in January 2023, followed by Ross Dress for Less, Inc., and Safeway, Inc. in May 2023, achieving full occupancy well ahead of schedule. The project, located on what may be the last site in the City of Ridgefield to allow for large distribution uses, was designed to maximize building coverage without the need to disturb the adjacent wetlands.

The project team would like to express its gratitude for professional brokerage efforts of Capacity Commercial Group and the representation of Ross Dress for Less, Inc. by Andy Kangas at CBRE, as well as Kevin Kriesien and Zach Niles’ representation of Safeway, Inc. “This project demonstrates our commitment to creating high-quality, strategically located industrial buildings. We are proud of this achievement and look forward to replicating this success in future projects” Greg Specht, President of Specht Development, Inc., added.

Specht has been under contract since 2019 as a construction consultant for the Cowlitz Indian Tribe in Ridgefield, Washington. Throughout the various development and construction phases, tribal leaders were incredibly thoughtful about expanding their resort & casino operations on the Ridgefield reservation in a meaningful yet dynamic manner. Specht was involved on many different levels during the design, procurement, and construction process and continues to provide consulting services as new projects evolve. Past Cowlitz Indian Tribe projects that Specht has been involved in include:

South site parking lot expansion
Cast-in-place concrete parking garage with six levels and 2,600 car capacity
Facility workshop and storage facility, 26,000 sf
Stadium Sports Bar & Restaurant
Bamboo 8 Restaurant
NW casino floor expansion project
Fourteen story, 289 room, four diamond luxury hotel tower
South retail building development, 9,000 sf

This construction photo of the Ridgefield Industrial Center shows a wall panel tilted into its vertical position where it forms the external structure of the building.

Specht became involved with the acquisition and redevelopment of the 220 office building, located at 220 NW 2^nd building in January 2018. The previous owner of the property was Pacific NW Gas, which used the building as their corporate headquarters. Major renovations to this Class A building are well underway and expected to be completed in late 2020, and are being overseen by Specht Development, Inc. Extensive upgrades include an updated building facade, new exterior entrances, redesigned ground floor retail space along with an expanded destination lobby brimming with collaborative spaces and a large state-of-the-art conference room.

The west building entrance is being enhanced with a spectacular mural by local artist Martin French. Other amenities include an outdoor terrace, bike storage with changing rooms, locker room with showers, fitness center, and 24-hour on-site security. Available office space will offer flexible open floor plans, full floor-plate availabilities, abundant natural light, and spectacular views of downtown, the waterfront and Mt. Hood.

Imperial Brown, Inc., specializing in the production and distribution of walk-in coolers and freezers, signed a lease with Madison-Specht Vista Logistics LLC for 113,144 square feet (all of Building A) in the Vista Logistics Park in Gresham, Oregon. Tenant improvement construction has started, and it is anticipated that Imperial Brown will take occupancy in June 2019.

Vista Logistics Park is the largest single-phase speculative industrial development in Portland’s history, with a grand total of 733,232 SF on 37.42 acres. The project, which is in Gresham’s Enterprise and Foreign Trade zones, is equipped with an ESFR fire suppression system, LED lighting inside and out, heavy power accessibility, ample dock doors, trailer parking, and a clear height of up to 36 feet. There is still 322,587 SF feet available for lease, divisible down to approximately 37,000 SF.

Imperial Brown, Inc. was represented by Stuart Skaug of CBRE and Madison-Specht Vista Logistics LLC was represented by Don Ossey, and Tom Knecht of Capacity Commercial Group.

We are happy to congratulate Portland-based law firm, Stoel Rives, for recently winning an award at the 23^rd annual Daily Journal of Commerce (DJC) TopProjects competition! Their newly refurbished office space in the Park Avenue West Tower building won first place in Tenant Improvement. Specht Development, Inc. was honored to have been involved in this project by serving on behalf of Stoel Rives as their construction manager for interior tenant improvements.

According to the DJC, the annual TopProjects competition is regarded as one of the Pacific Northwest’s most popular building industry events. This year’s competition drew more than 95 entries in ten categories, including new construction of private, public, mixed-use and multifamily buildings, infrastructure and transportation projects.

Completed in 2016, the $10 million, 121,000 square foot build-out was designed by ZGF Architects, LLP and constructed by Lease Crutcher Lewis — with Specht Development serving as construction manager for Stoel Rives.

The tenant improvement construction for Staples Contract & Commercial, Inc. at the Interstate Crossroads Distribution Center is well underway and remains on schedule, with an expected completion date of early June, 2017.

The buildout was designed and permitted by Mildren Design Group and is being constructed by Perlo Construction. The project includes warehouse lighting, dock equipment, forklift stations, security measures, an office, and a driver’s lobby.

The office is now fully demised, dock pits are receiving equipment, and rooftop HVAC units have been installed. Permanent site fencing has also been installed.

Staples leased 263,413 square-feet of the Interstate Crossroads Distribution Center which is located within Portland’s Airport Way industrial submarket at 16441 NE Cameron Boulevard. The office product supply company will use the facility for the warehousing and distribution of consumer goods.

Specht Development was hired as the project manager for the expansion of DMH’s headquarters in Forest Grove, Oregon.

DMH, Inc., a cabinet manufacturer, is upgrading their production facility by connecting three existing small buildings under one new continuous roof. Construction of the new building, approximately 40,000 sf, is in progress while DMH maintains their current production and shift schedules. The project is expected to be completed by the end of 2017. O’Brian Constructors, Inc. is the general contractor and Partin & Hill is the architect on the project.

In August 2016, Madison-Specht Vista Logistics LLC, a partnership between Portland-based Specht Development, Inc. and New York Life Real Estate Investors LLC, commenced construction on 732,824 square feet of speculative industrial space in three buildings on a 37-acre site in Gresham, Oregon.

The Vista Logistics Park is the largest single phase speculative development ever constructed within the Portland metropolitan area. The project will offer the largest single industrial space under one roof with one of the buildings consisting of 494,464 square feet. The largest building will have a minimum clear height of 36 feet. Two smaller buildings, of 112,940 and 124,420 square feet respectively, will have clear heights of 30 feet. The project’s additional amenities include: generous truck courts, ample trailer and passenger car parking and easy access to Interstate 84.

The project will be completed in the fall of 2017. Mackenzie is the project architect and engineer, and Perlo Construction is the general contractor.