CRG, a real estate development and investment firm, plans to build The Cubes at Troutdale, a 350,000-square foot speculative industrial and logistics facility in the Troutdale Reynolds Industrial Park, located on the eastside of Portland, Oregon.
Once completed, The Cubes at Troutdale will have a 36' clear height, cross dock capability, ample trailer storage and car parks associated with the new state-of-the-art industrial distribution center.
According to company officials, “The investment by CRG, in partnership with institutional capital, will deliver a state-of-the-art logistics facility that meets the needs of today's modern industrial user and high-profile e-commerce tenants, while adding 300 new jobs in the area. Site development will commence immediately with building construction complete in the Summer of 2019.”
"The Cubes at Troutdale is a premier development opportunity that will continue to drive the Portland industrial real estate market and enhance CRG's industrial portfolio in the dynamic Pacific Northwest Market," CRG Senior Vice President Mike Wurtsbaugh said.
"We see significant opportunity with close proximity to the FedEx Ground hub, the Amazon fulfillment center, I-84 and the Troutdale Airport. We're thrilled to participate in the vision of the Port of Portland and partner with Alcoa, the Oregon Department of Environmental Quality, the City of Troutdale and Multnomah County to redevelop this brownfield location into a thriving area for commerce and job creation,” he added.
The Cubes at Troutdale is the 5th industrial park of "The Cubes" brand, owned and developed by CRG in North America. "CRG is on track to develop more than 10-million-square feet of Class A Industrial assets over the next year," Wurtsbaugh noted.
Clayco subsidiary, BatesForum is the architect on the project. Construction will begin in May 2018 with occupancy available in September 2019. Newmark Knight Frank's Steve Willhite, SIOR and Patrick Ulch, CCIM is marketing the project.