Sierra-built projects Amazon Troutdale and Tualatin Distribution Center took home the Winner and Runner-Up titles, respectively, in the Industrial Development of the Year category at the Night of Excellence in Commercial Real Estate awards event earlier this month.
The event is put on by the Commercial Association of Brokers (CAB), NAIOP Portland Chapter, the Society of Industrial and Office Realtors (SIOR) and the Portland Business Journal (PBJ), and recognizes the industry’s greatest commercial real estate achievements of the previous year.
Originally printed in the PBJ CAB Awards Publication:
AMAZON FULFILMENT CENTER – Troutdale, OR WINNER
Covering nearly 2.4M square feet of floor area, the Amazon Fulfillment Center PDX9 in Troutdale developed by Trammell Crow Company and its capital Partner Clarion Partners was the single largest industrial development in 2018. The 74-acre development site is located in the Port of Portland’s Troutdale Reynolds Industrial Park, a master development that required extensive brownfield cleanup efforts and earned the Port the distinguished EPA Phoenix Award. The City of Troutdale processed multiple permits with a combined value of over $147,000,000. The development site contains nearly 2,500 auto and 275 trailer parking stalls. The multi-story building and associated site improvements were completed in August 2018 by Trammell Crow’s general contractor, Sierra Construction, in an amazing 14 months from construction commencement.
TUALATIN DISTRIBUTION CENTER – Tualatin, OR RUNNER UP
Tualatin Distributiuon Center (TDC) is a 159,558 SF newly constructed freestanding industrial building on 8.86 acres. It is located at the Tualatin Sherwood Road and SW 124th in Tualatin. Black Creek Group, a Denver based real estate manager and developer firm with a 25-year history is the owner and developer of the project. C&W presented the land acquisition opportunity to Black Creek in December 2016. Black Creek went under contract to purchase the land in May 2017. The sale closed February 2018. Black Creek selected Sierra as the general contractor. construction began April 2018 and the building was completed November 2018. Black Creek Group was able to secure an 86,481SF lease at $.06/SF on the shell, which equaled the highest shell rental rate to date for like type product in the Portland metro area. The lease was fully executed prior to completing the building. This resulted in the building being 54% preleased upon delivery of the shell in November. Tualatin Distribution Center was the only speculative and industrial building over 100,000 SF delivered in the 1-5 South Portland metro submarket in 2018. C&W is currently marketing the remaining 73,221SF.