St. Louis-based developer CRG on Monday mentioned it bought a 350,00Zero-square-foot industrial house within the Troutdale Reynolds Industrial Park east of Portland.
CRG bought The Cubes at Troutdale, situated alongside Interstate 84, to world funding agency KKR in a transaction that closed in mid-July for an undisclosed value.
In 2018, a three way partnership between CRG and a gaggle referred to as U.S. Logistics Fund 1 purchased the house at 2503 NW Sundial Street. Property information present the sale value on the time was greater than $5.2 million. CRG spearheaded redevelopment of the house, and the undertaking was considerably full as of earlier this yr.
“The Cubes at Troutdale was a profitable undertaking by all accounts,” mentioned CRG President Shawn Clark mentioned in a press launch.
U.S. wholesale grocery provider C&S Wholesale Grocers is leasing an roughly 76,00Zero-square-foot cooler house at The Cubes at Troutdale, CRG mentioned. Three-hundred new C&S jobs are anticipated to be stuffed.
“To pair a tenant like C&S with a location like that is main victory for the consumer and our buyers,” Kevin Newell, CRG vice chairman of investments and capital markets, mentioned within the launch. “That’s what we hope for with every of our industrial tasks.”
The lease comes as suppliers face stress to fulfill adjustments in buyer demand for on-line grocery and restaurant orders amid the pandemic, CRG mentioned.
CBRE’s Paige Morgan, Darla Longo and Brett Hartzell represented CRG and U.S. Logistics Fund 1, whereas Patrick Ulch and Steve Willhite of Newmark Knight Frank represented the tenant.
“The Cubes at Troutdale combines model new state-of-the-art development with a strategic location in Portland’s main logistics hall,” mentioned Morgan, a CBRE senior vice chairman.
CRG is part actual property agency Clayco, which relies in Chicago.