One of the Largest Industrial Leases of the Year

This article appears in the Portland Business Journal and is authored by Jon Bell.

In what is likely the third-largest industrial lease of its kind this year, global engineering and logistics firm CTDI has locked up 210,000 square feet just outside of Portland in Fairview.

The company, based in West Chester, Pennsylvania, signed on for the space at 22638 N.E. Townsend Way. The property is a free-standing, Class A distribution facility built in 2007.

Tyler Sheils, Kevin Kriesien and Michael Hale of JLL represented the landlord in the transaction. David Mackey and John Morrissey of Philadelphia-based Jackson Cross Partners, represented CTDI.

According to a release from JLL, the lease “continues a deepening trend over the last 24 months which has seen a steady stream of major regional and national users of distribution and logistics properties expanding in the Portland market.” JLL estimates that more than four million square feet is currently on active demand in the metro region market.

“We’ve seen a couple of significant factors driving the trend here in Portland: strong demographic growth over the last two years and huge growth in Portland’s technology sector has made it vital for logistics companies to build more of a presence in this market,” Sheils said, in the release. “The good news is it’s a trend that is only likely to deepen as Portland continues to grow,” he added.

According to JLL, so far in 2016, 13 leases have been signed in the Portland metro area for industrial spaces over 100,000 square feet. UPS took 234,960 square feet at the PDX Logistics Center earlier this year, and a “major commerce company” leased 303,360 square feet at the Majestic Brookwood Business Park in Hillsboro.

Jon covers real estate for the Portland Business Journal.