91ÊÓƵ

Portland industrial developer Specht has gained a major tenant for its Vista Logistics Park in Gresham.

Medline Industries Inc. has agreed to take 297,501 square feet at the newly constructed, 37-acre industrial development. That will leave Vista with 435,731 square feet available, divisible down to approximately 37,000 square feet.

Medline is the nation’s largest privately held medical supplies manufacturer and distributor. The company’s move to Gresham gives Specht’s joint venture with New York Life Real Estate Investors, Madison-Specht Vista Logistics LLC, a key tenant.

The development was built on speculation as distributors have sought to snap up limited warehouse inventory.

Medline was represented in the transaction by Tyler Shiels of Jones Lang LaSalle and Michael Morgan of Colliers International. Madison-Specht Vista Logistics LLC was represented by Dave Ellis, Don Ossey and Tom Knecht of Capacity Commercial Group.

Demand for industrial space in Portland has been strong, with 2.2 million square feet leased during the second quarter, according to JLL. Leases of new construction have gone for 50 cents to 60 cents per square foot per month on a triple-net basis, with office surcharges of 90 cents to 95 cents per square foot, the research group reported.