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September 16, 2020 Comments (0) Views: 461 Portland, Seattle & Pacific Northwest News

KKR Cuts Deal with CRG for Wholesale Grocers-Leased Property in Portland

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KKR acquired The Cubes at Troutdale, a 350,000-square-foot speculative industrial facility located in the Troutdale Reynolds Industrial Park on Portland’s east side. CRG, the development and investment arm of Chicago-based Clayco, sold the asset for an undisclosed amount.

The facility, which includes a 76,000-square-foot cooler space, was leased to C&S Wholesale Grocers, and is expected to create 300 new jobs.

CRG led the development in a JV with U.S. Logistics Fund 1. Vertical construction began in February 2019 and the building reached substantial completion earlier this year.

The site is located along Interstate 84 at 2503 NW Sundial Rd. It has 36-foot clear heights, cross dock capability, ample trailer storage and car parking associated with new state-of-the-art industrial distribution centers.

CBRE’s Darla Longo, Paige Morgan and Brett Hartzell represented CRG and USLF I in the sale. NKF’s Steve Willhite, SIOR and Patrick Ulch, CCIM represented the tenant in the lease.

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