High Barrier-to-Entry Characteristics Propel Portland
Citing Portland’s sought-after industrial market with high barriers to entry, one partnership finally cracked the code to its first acquisition here. Bridge Development Partners LLC announced its first acquisition in the Portland market with the purchase of a 35-acre land parcel located at 775 NE Columbia Blvd.
Bridge plans to construct two new industrial buildings at the site, which will be called Bridge Point I-5–Portland, expected to deliver in late 2020. The first building will be comprised of approximately 425,000 square feet and the second will be comprised of approximately 225,000 square feet.
During the due diligence period, Bridge worked through environmental concerns of the former landfill site, which was a complex process involving environmental, land and zoning use issues, in less than 90 days.
“Located on what was a complicated but exceptionally well-located site just outside of Portland’s central business district, this project is ideally aligned with Bridge’s core competencies and it presented us with the perfect opportunity to break into this new market,” said Justin Carlucci, partner, Northwest Region at Bridge Development. “Additionally, the site’s heavy industrial zoning, coupled with the surplus of parking that it will offer, enables use by a variety of distribution tenant types with a wide range of size requirements.”