Huge auto parts dealer snaps up nearly a quarter-million square feet of industrial space
One of the largest after-market auto parts distributors in the world has signed on for nearly half of a brand new industrial building in Northeast Portland.
Keystone Automotive Industries, which is headquartered in Exeter, Penn., inked a deal for nearly 230,000 square feet at Interstate Crossroads Distribution Center, a 492,552-square-foot industrial facility at Northeast 166th Avenue and Northeast Cameron Boulevard.
David Ellis and Don Ossey, principals with Capacity Commercial Group/CORFAC International, brokered the deal.
The property owner, Interstate Crossroads LLP, is a joint venture of real estate finance and investment management firm PCCP LLC and project developer Specht Development. Ossey, Ellis and Rob McEachern with Capacity Commercial Group/CORFAC International represented the owner in the lease to Keystone Automotive. Prior to signing this lease, Keystone had a distribution center in Wilsonville.
“Keystone Automotive is a quality tenant making a long term commitment to Portland,” Ellis said in a release. “A lot of the speculative industrial product that has been built in the last year has been absorbed and our industrial market is very active at present.”
When Perlo Construction broke ground on ICDC in 2014, the facility was among the largest speculative industrial projects to kick off after the Great Recession. Since then, the region’s industrial market has continued to improve. According to Capacity Commercial, vacancy rates have slipped to roughly 5 percent and rents have risen by nearly 10 percent since 2012.
Though Keystone has spoken for nearly half of the building, the remaining 262,000 square feet are still available for lease.