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October 27, 2020
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KKR Buys 350k sf OR Industrial Facility

9/17/20

KKR purchased The Cubes at Troutdale, a 350k sf, speculative industrial facility located in the Troutdale Reynolds Industrial Park on the east side of Portland. The asset was sold by CRG, the real estate development and investment arm of Chicago-based Clayco. The price was not given out.

The facility, which includes a 76k sf cooler space, has been leased to C&S Wholesale Grocers, the largest wholesale grocery supplier in the United States. It is located at 2503 NW Sundial Rd, along Interstate 84. It has 36’ clear height, cross dock capability, ample trailer storage and car parks associated with the new state-of-the-art industrial distribution centers.

CRG led the development of The Cubes at Troutdale and formed a joint venture partnership with U.S. Logistics Fund 1 to invest in the project. Vertical construction began in February of 2019 and the building reached substantial completion earlier this year. The project is expected to create 300 new jobs for C&S.

Clayco subsidiary Lamar Johnson Collaborative was the architect and Sierra construction served as the general contractor for the project. CBRE’s Darla Longo, Paige Morgan and Brett Hartzell represented CRG and USLF I in completing the sale. Newmark Knight Frank’s Steve Willhite, SIOR and Patrick Ulch, CCIM represented the tenant.

“We are seeing unprecedented industrial demand across the country, but this location really stood out because sites like this are incredibly rare in the Pacific Northwest,” said Kevin Newell, Vice President of Investments and Capital Markets for CRG. “To pair a tenant like C&S with a location like this is major victory for the user and our investors.”

Despite the current national economic uncertainty, the industrial market in Portland surged, seeing 33 new industrial sales – a 32% increase in the second quarter from one year ago — according to CBRE Research. Facilities like The Cubes at Troutdale will continue to be in high demand as U.S. e-commerce sales, which saw the highest volume increase in history in Q2 2020, continue to see record volumes.

There is added pressure for cold storage facilities as suppliers adjust to the significant shifts in consumer habits for online restaurant and grocery orders due to the pandemic.

“The Cubes at Troutdale combines brand new state-of-the-art construction with a strategic location in Portland’s primary logistics corridor,” said Morgan. “The property includes nearly 76k sf of sought-after cooler space and is fully leased by a high-quality tenant in an industry seeing unprecedented demand in the wake of COVID-19.”






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