CRG Makes First Investment in Portland Market
PORTLAND, Ore., May 15, 2018 /PRNewswire/ — CRG, the aggressively expanding private real estate development and investment firm, today announced plans to build The Cubes at Troutdale, a 350,000-square foot speculative industrial and logistics facility in the Troutdale Reynolds Industrial Park (TRIP) located on the eastside of Portland along Interstate 84. 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.”
E-commerce is driving business at CRG as the industry continues to demand modern industrial buildings to accommodate consumer centric strategies. Wurtsbaugh states that, “Much of today’s existing inventory is obsolete with only 11 percent of total inventory delivered in the last decade.”
The Cubes at Troutdale is the 5th industrial park of “The Cubes” brand, owned and developed by CRG in North America. The Cubes represents CRG’s philosophy of developing for the future and anticipating the enhanced needs of next generation industrial users. “CRG is on track to develop more than 10-million-square feet of Class A Industrial assets over the next year,” says Wurtsbaugh.
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. 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.
CRG is a private real estate development firm that acquires, develops, and operates real estate assets in North America. Headquartered in St. Louis, Missouri with offices in Chicago, Seattle, Atlanta, Pittsburgh and northern New Jersey, the CRG team has developed more than 5,000 acres of land and delivered over 160 million square feet of commercial, industrial, and multi-family assets exceeding $9 billion in value. For more information visit www.realcrg.com.
About The Cubes
The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG’s philosophy of developing for the future and anticipating the enhanced needs of next generation industrial users. The Cubes are designed with an emphasis on sustainability, and implement state-of-the-art specifications, including maximum clear heights, dock doors and trailer storage to keep pace with the shift to consumer centric logistic strategies. The Cubes are located on advantageous sites that take into consideration both logistics and labor supply, always with the end user in mind.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering and construction firm that delivers to clients throughout North America the highest quality solutions on time, on budget, and above and beyond expectations. With over $2 billion in revenue for 2017, Clayco specializes in the “Art and Science of Building,” providing fast track, efficient solutions for commercial, institutional and residential mixed-use building projects in North America. For more information visit www.claycorp.com.
Brittany Burke, CRG
View original content with multimedia:http://www.prnewswire.com/news-releases/crg-makes-first-investment-in-portland-market-300648446.html