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May 22, 2024
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Capstone Partners and Premium Property USA to Redevelop Section of Properties in Portland’s Central Eastside Industrial District


Capstone Partners and joint venture partner Premium Property USA Inc have acquired a coveted two city block section of properties in Portland’s Central Eastside Industrial District that will be redeveloped into 72k sf of creative/technology office space. This will be the fourth project the firms have developed together in the Portland area.

The venture plans to repurpose the existing industrial buildings, originally built in the 1940s and 1950s, into a new high-end creative office/tech and artisanal food and beverage maker hub to be known as Custom Blocks. Construction is set to start in early February with shell completion and occupancy for tenants by November 2017.

Located at SE Madison, 10th Ave and SE Main St, Custom Blocks is located adjacent to the New Deal Distillery, and within a short walk to the The Redd, LOCA, and many other well know coffee roasters, breweries and other artisanal makers. The site formerly served as the Custom Stamp and Manufacturing plant for nearly 50 years before it shuttered operations. Capstone Partners named this landmark project Custom Blocks to honor the history of Custom Stamping and its unique contribution to the industrial character of the neighborhood.

Chris Nelson, Principal of Capstone Partners commented, “We were attracted to the scale and potential of this unique multi-block acquisition opportunity. The property has tall 18 foot ceilings, large open floor plates with extensive clear spans of old growth timber, and large glass lines around perimeters. The repurposed project will be able to accommodate multiple occupants or can serve as a scalable headquarters for a single user.”

Herbert Michel, President of Premium Property USA, Inc., commented, “The property has high street visibility and it is located in the bull’s eye of the Central Eastside Industrial District with excellent access to bike paths and public transportation. The surrounding restaurants, bars and brew pubs are only a few steps away. The conversion of these ‘historic’ premises to creative office space will be done in a very sensitive way in order to preserve ‘the industrial soul’ of these old buildings. Also, utmost attention will be paid to architectural details and great new amenities will be introduced for the benefit of the future tenants that desire to become part of the true fabric of Portland’s authentic Eastside culture.”

Brad Carnese with Cushman & Wakefield represented the seller, owner/operator Custom Stamping & Manufacturing Co. In addition, Carnese along with C&W colleagues Tom Usher, Mark Carnese, Doug Deurwaarder and Matt Johnson, have all been retained by Capstone and to handle the leasing of Custom Blocks.

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