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Blue Lake Corporate Park Signs Hawthorne Hydroponics to 378,000 SF Lease in Gresham, OR

10/19/2020
PORTLAND, Ore., October 19, 2020 – Cushman & Wakefield today announced that Hawthorne Hydroponics, LLC has signed a long-term lease for a brand new 378,000-square-foot Class A industrial building at the newly developed Blue Lake Corporate Park in Gresham, Oregon, a suburb of Portland.

Blue Lake Corporate Park

The company, which is expanding its operations from within the region, will also retain a presence in Vancouver, WA. The transaction is recognized as the largest industrial lease signed in the Portland Metropolitan market year-to-date 2020.

Blue Lake Corporate Park is owned by the partnership of Trammell Crow Company and a fund advised by Principal Real Estate Investors, LLC. The project is Airport Way’s newest Class A industrial development and consists of two buildings totaling 463,500 sf on a 41-acre site. Built on a speculative basis, the project was substantially completed in May. Hawthorne Hydroponics leased all of Building B and will serve as the project’s anchor tenant.

Cushman & Wakefield Portland’s Brad Carnese, Aaron Watt and Keegan Clay represented the owner in the transaction. Stuart Skaug of CBRE Portland represented the tenant.

Able to lease the property within just five months of completion and amidst the far more challenging environment brought on by the pandemic, the trio from Cushman & Wakefield expressed their excitement to have Building B fully leased and stabilized with a high-quality anchor tenant, and to have represented ownership in securing this significant new lease for the local market. The team is also currently in talks with other potential prospects for the remaining space in Building A—from both partial and full building users, though no official leases have yet been secured.

The team emphasized that Portland’s industrial market fundamentals remain very healthy, with low vacancy and strong activity, particularly across eCommerce, food & beverage and consumer goods.

Steve Sieber, Principal with Trammell Crow in Portland, said, “We designed Blue Lake Corporate Park with top-of-market features that would appeal and suit a variety of warehouse users, while also selecting an ideal location in Portland’s highest velocity market. As the fourth-largest city in Oregon and the second largest in Portland’s metropolitan area, Gresham benefits from business-friendly demographics, strong transportation connections for commuters and freight and a high quality of life. The city also boasts access to a skilled labor force.”

Blue Lake Corporate Park delivers easy ingress/egress to Interstates 84, 205 and 5. The park is just minutes from the I-5 Corridor, the West Coast’s most prominent distribution channel.

For more information visit the project web site at http://www.bluelakecorporatepark.com/

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

Contact/Author

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

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