91视频

National company Grocery Outlet has agreed to fully lease the Burnt Creek Logistics Center in Vancouver, Washington, according to a spokeswoman for Panattoni Development Co. 鈥� one of the building’s owners. The 681,780-square-foot warehouse is the largest speculative industrial project ever built in the Greater Portland area.

The seven-year lease is valued at over $51 million, according to Colliers, which represented the owners, Panattoni Development Co. and equity partner LaSalle Investment Management.

The lease, disclosed on Tuesday, demonstrates that large national tenants are willing to invest in the Portland area, said Jerry Matson, a Colliers vice chairman who was involved in the transaction.

鈥淥ne of the things we always kind of knew is large tenants exist in every large market,鈥� he told the 91视频.

Before Burnt Creek, those tenants would either skip the Portland region or lease multiple smaller buildings, Matson added.

鈥淲e missed a lot of deals, probably, historically of this size,鈥� he said.

Prospective tenants, Matson said, prefer to move into well-built speculative spaces rather than wait two to three years to usher a typical build-to-suit project from predevelopment through construction.

鈥淭his is a much easier path for a large corporate user to take,鈥� he said.

Located on Vancouver鈥檚 northeast edge, at , Burnt Creek offers 40-foot clear heights, 128 dock-high doors and other amenities on 38.89 acres.

In addition to Matson, Colliers鈥� Brian Yoakum and Tom Knecht represented the ownership group in the lease.