Specht Woodburn, LLC (an affiliated entity of Specht Development, Inc.) recently closed on a transaction that’s been in the works for over seven years. Approximately 60 acres of industrial land recently added to the City of Woodburn’s Urban Growth Boundary (UGB) and annexed into the City of Woodburn is now owned by Specht and ready to be developed as Specht’s newest project — the I-5 Logistics Center. Specht has the ongoing option to purchase the remaining 48 acres adjacent to this land as well. This phase of the I-5 Logistics Center could encompass nearly 2 million square-feet of industrial development, a unique proposition for the region.

In 2011, Specht secured the option to purchase the 108 acres before it was part of the City of Woodburn UGB. With Specht’s assistance, the city ultimately prevailed in its lengthy effort to bring this land into its UGB and city limits.

“When I first learned Specht Development had acquired an interest in a 108-acre site near the Woodburn I-5 interchange, I was pleased. At that point, I knew Specht by reputation only. Since then, the City of Woodburn has completed the long and arduous process of bringing this site into the Woodburn city limits,” said Woodburn Mayor Kathy Figley. “We have benefited from Specht’s patience, persistence and cooperation while surmounting major obstacles together. We now look forward to the opportunities that this uniquely situated property and a well-respected developer will bring to our community.”

The I-5 Logistics Center offers a variety of build-to-suit opportunities. Future building(s) can range in size from 100,000 square-feet to over 1.7 million square-feet. Abutting Interstate-5, the property is immediately adjacent to the recently rebuilt Woodburn freeway interchange. I-5 Logistics Center is being marketed by the Kidder Mathews industrial team, which includes Peter Stalick, Steven Klein and Patricia Loveall. Project information can be found at http://www.i5LC.com 

The seller was represented by Jack McConnell of Colliers International. “Finding the right buyer for this land demanded thoughtful strategy that took us all the way to the courts in Salem and required 20 years of our dedication to working with this particular seller,” said McConnell. “To my knowledge, Specht has been the only developer with the vision to move south of greater Portland, making Woodburn the next development area, and we are thankful for that.”

Greg Specht, CEO of Specht Development, Inc. was recently interviewed by Portland Business Journal’s Jon Bell about the limited availability of industrial land in the Portland metro area. Greg shared his thoughts on where he sees the future of industrial development and considers the Woodburn area well suited for industrial projects.

https://www.bizjournals.com/portland/news/2018/01/31/longtime-portland-developer-says-next-industrial.html

The newly completed Vista Logistics Park in Gresham, Oregon, is poised to serve the needs of regional distribution and industrial businesses, enabling rapid deployment to the entire Pacific Northwest. Located at SE 223rd and Stark St., the property features 732,824 square feet of speculative industrial space in three buildings on a 37.42-acre site. New York Life Real Estate Investors LLC is the primary equity partner in the project. Developed by Portland-based Specht Development, Inc., Vista Logistics Park is now available for occupancy.

“Based on our research, Vista Logistics Park is the largest single phase speculative development ever constructed within the Portland metropolitan area,” said Don Ossey, Principal of Capacity Commercial Group. “The project also offers the largest single vacant industrial space under one roof, with one of the buildings consisting of 494,464 square feet. But for this project, buildings larger than 300,000 square feet do not exist in our area.”

The largest building has a minimum clear height of 36 feet. The two smaller buildings, of 112,940 and 124,420 square feet respectively, 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 site was purchased for $9,280,000 from the Port of Portland which worked closely with the city of Gresham to allow Specht to break ground less than two months after the purchase and sale agreement was signed.

“This project would not have moved forward when it did without the outstanding cooperation of the Port of Portland and the City of Gresham. We are grateful for their partnership in this project,” said Todd Sheaffer, President of Specht Development, Inc.

Ossey and David Ellis are leading the Capacity Commercial Group brokerage team that is charged with leasing the project. Mackenzie was the project architect, and Perlo Construction was the general contractor.

A new lease with Sunlight Supply brings Portside Industrial Park, located in Vancouver, Wash., to full occupancy. Specht Development, Inc. completed the state-of-the-art industrial property in February of 2017 and a range of tenants — including OnTrac, a regional package delivery company, and Laclede Chain Manufacturing Company, the oldest domestic chain manufacturer in the United States — have previously leased space within the property.

Sunlight Supply, a manufacturer and distributor of specialty gardening supplies, leased the 95,265 square-foot Building B of Portside Industrial Park. Laclede Chain leased 94,281 square-feet and OnTrac occupies 163,328 square-feet in Building A. Both Portside Industrial Park buildings are managed by Specht Properties, Inc.

“We’re excited to welcome this community of tenants who have chosen Portside Industrial Park as their new home,” said Greg Specht, Chief Executive Officer, Specht Development.

Situated on 19 acres of land, Portside Industrial Park features two buildings totaling 352,560 square feet, 30’ clear height and excellent access to regional air, freeway, rail, and marine systems.

On September 14, 2017, NAIOP included a stop at Specht’s Vista Logistics Park in its tour of big box development projects in Portland’s eastside metro area. The tour participants consisted of over a hundred brokers, builders and other professionals associated with the real estate industry.

The bus tour gave participants an opportunity to walk through Building C, the largest of the three buildings at the Vista Logistics Park. This building is enormous with 494,464 sf, a 36’ clear height ceiling, 110 dock doors and 4 grade level doors.

The Vista Logistics Park offers the largest single vacant industrial space under one roof in the Portland metro area. The entire 733,232 sf 3-building project on 37 acres is located at Southeast 223rd Avenue and Southeast Stark Street in Gresham, Oregon. Mackenzie is the project architect and engineer, and Perlo Construction is the general contractor.

NAIOP is a commercial real estate association comprised of companies and professionals working in the industry. NAIOP provides its members opportunities to enhance their business through networking events, educational programs and committee involvement.

Photo by Christian Columbres

Specht adds to the redevelopment surge in Portland’s Pearl District with the 1010 Flanders Building — bringing more than 50,000 square-feet of available office space to local businesses. Specht embarked on the $25 million acquisition and remodeling of the historic Ballou & Wright building in early 2016. The goal was to transform a former bicycle and automobile equipment warehouse — also the former Hanna Andersson headquarters built in 1921 — into one of the latest large-scale redevelopments in the Pearl District.

The building’s core and shell renovations bring new creative office space into a building that maintains its historic roots. Updates include structural improvements, restoration of the hardwood floors, the largest bike storage capacity (85 bikes) in the Central Business District, a 1,500 square-foot rooftop deck featuring two fire pits and panoramic city views, a relocated front entryway, changing rooms, locker rooms with showers, a new elevator and improved ADA accessibility.

“The many successful businesses based in the Pearl District greatly contribute to the area’s popularity,” said Greg Specht, Chief Executive Officer, Specht Development. “This building aims to provide them with a new option that will meet the cultural requirements of today’s workforce.”

The 1010 Flanders Building was acquired for $14 million in January, 2016 in a partnership between Specht and Maryland-based, ASB Capital Management. Apex Real Estate Partners is in charge of leasing efforts, with Nathan Sasaki and Rennie Dunn leading the team. Specht will retain property management responsibilities for the building and the existing Hanna Andersson retail operation is remaining as a tenant.

Specht Development, Inc. in partnership with Pacific Coast Capital Partners, LLC (PCCP), recently sold the Interstate Crossroads Distribution Center (ICDC) — a state-of-the-art warehouse and distribution center located within Portland’s Airport Way industrial submarket located at 16441 NE Cameron Boulevard.

JLL’s Capital Markets experts represented Interstate Crossroads, LLC, the partnership between Specht and PCCP. The 492,554-square-foot building sold on July 5, 2017 for $56 million.

“From start in 2014 to finish, the entire project team worked well together to create a successful development and we are very pleased with the outcome.” said Greg Specht, CEO of Specht Development. “But most importantly we’d like to thank our institutional capital partner, PCCP, and construction lender, Wells Fargo, for their support of the development, making today’s announcement possible.”

The property is fully leased by two credit tenants. It sits upon what was one of the last developable sites in the Northeast Columbia Corridor, a highly coveted industrial submarket in Portland that provides connectivity via Interstates 84 and 205, as well as Portland International Airport.

JLL Managing Directors, Buzz Ellis, Mark Detmer and Bo Mills, along with Executive Vice President, Paige Morgan, and Vice President, Ryan Sitov, led the JLL team in the sale of ICDC.

“This asset checks all the boxes for an investor,” said Ellis. “Its in-fill location in Portland’s best submarket, limited office build-out and flexible space make this exactly what every institution wants to own.”

“Portland has one of the top industrial markets in the country, with a vacancy rate just above three percent. Opportunities to own a large distribution center in such a great location are few and far between,” said Morgan.

Since June of 2014, Specht and its investment partners have purchased and began construction on a total of 1,577,000 square feet of speculative industrial developments in the Portland metropolitan area. Notable work includes: purchasing 38 acres from the Port of Portland and constructing Vista Logistics Park in Gresham, Ore. — the area’s largest speculative industrial project ever launched as a single phase (732,824 square feet) development; purchasing the historic Ballou Wright Building in Portland’s Pearl District (formally the home of Hanna Andersson’s corporate headquarters) and recently completing the $25 million project; developing the $30 million, 352,560 square foot Portside speculative industrial project in Vancouver, WA; along with completing a 50,000 square foot fulfillment center for Comcast in northeast Portland.