Specht Closes Loop on Woodburn Urban Growth Boundary
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.”