Vista Logistics Park Construction Complete
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.