Two development companies are joining forces to create two industrial parks in Vancouver, including the Vancouver Logistics property pictured. (Photo contributed by PCCP, LLC and Panattoni Development Company, Inc.)
Two real estate giants are joining forces to build two industrial parks near Vancouver’s Padden Parkway.
Los Angeles-based real estate investment manager PCCP and Panattoni Development Company, headquartered in Irvine, Calif., will be working on two projects, including the second phase of Vancouver Logistics and Hidden Glen Logistics. Panattoni has developed several industrial buildings in Clark County.
The projects are needed because the Portland area is short of good warehouse and industrial properties, said Matt Cochran, senior vice president at PCCP, in a statement.
“Portland has been a target industrial market for PCCP because we believe it has high barriers to entry, strong connectivity, a limited industrial supply pipeline and a low vacancy rate,” said Cochran. “As a result, the Portland industrial market is experiencing significant net absorption, strong rent growth and outsized tenant demand.”
Both industrial parks are considered infill projects, meaning they will be sited near other warehouses.
Vancouver Logistics II will be located at 7600 N.E. 88th St. The property is made up of numerous lots in Vancouver’s Sunnyside neighborhood. They were purchased in March of this year, according to county records.
Hidden Glen Logistics will be at 6920 N.E. St. Johns Road in northeast Hazel Dell. The project is also made up of several parcels of land, according to county records.
Combined, the projects comprise three industrial buildings totaling 625,320 square feet. They will be Class A buildings, meaning they’re both attractive inside and out and built to be high-quality. Each will include parking at the front and loading docks in the back.
Vancouver Logistics Phase II will have two buildings — one at 163,676 square feet and the other at 175,044 square feet in size. They’re expected to be 32 feet tall.
Hidden Glen Logistics will have a single 286,600-square-foot industrial building. The project is built on a 16.6-acre lot with about an acre set aside as a trailer yard. This is a rare feature in the Portland industrial market, according to the development team.
The Portland area has limited available land, according to the development team. So while the buildings will be in Vancouver, their tenants are expected to serve the Portland metro area. The team is expecting the properties’ locations near both Interstate 205 and Interstate 5 to drive demand for the properties.
According to the developers, more than 33 million people live within a one-day drive from the properties.
Further details on the projects were not available.
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