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Specht Development broke ground last week on a major speculative industrial project in Gresham.

The development near the intersection of Southeast 223rd Avenue and Stark Street will encompass three buildings totaling 732,824 square feet on the 37.42-acre site.

New York Life Real Estate Investors LLC is financially backing the $61 million project, named Vista Logistics Park.

The dominant building in the project will be 494,464 square feet, making it the largest vacant industrial space under one roof in the Portland area, according to a statement issued by Capacity Commercial Group principal Don Ossey.

Two smaller buildings will have 112,940 square feet and 124,420 square feet, respectively. Speculative industrial properties built recently have leased up quickly, said Gregory Specht, chief executive at Specht Development.

鈥淭here’s a proven demand for space like we are building, and that’s the business we’re in,鈥� he said.

The developers purchased the site from the Port of Portland for $9.28 million in a transaction that closed Thursday. The project is scheduled for completion in fall 2017.

Shipping and logistics companies are continuing to seek large industrial spaces in the Portland-metro area, and they have few choices available to them, Specht said.

鈥淟ogistics users are demanding bigger buildings, so here’s an opportunity to give them what they want,鈥� he said.

The largest building will have a clear height of 36 feet, while the smaller buildings with have clear heights of 30 feet.

Industrial construction has surged in Portland, with major facilities such as Capstone Partners’ PDX Logistics Center and Trammell Crow Co.’s and Clarion Partners’ Subaru shipping facility leading the way.

Specht said low vacancies, and strong wage and population growth help support the Vista Logistics Park project.

Specht credited the Port of Portland and city of Gresham for supporting the project.

鈥淲e were able to go from signing the (purchase and sale agreement) to closing in about 60 days, which evidences the willingness from the port and the city of Gresham to get this project under way now, because we’ve got an awful lot of dirt to move before it starts to rain,鈥� he said.

Gresham has aggressively courted industrial construction, guaranteeing turn-around times for project review and approval, among other perks.

Specht has been a major player in the industrial market. The company is nearing completion of a 50,000-square-foot Comcast fulfillment center in Gresham. The Portland-based developer is also rehabilitating and renovating the Ballou Wright Building at 10th Avenue and Flanders Street in the Pearl District in a $25 million creative office project.

Mackenzie is the project architect and engineer for Vista Logistics Park, and Perlo Construction is serving as general contractor. Ossey and David Ellis with Capacity Commercial Group are the brokers representing the property.