November Program & Luncheon
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Portland's Industrial Market - A Look Toward the Future
The industrial sector serves as a leading indicator for the state of the commercial real estate market. Did you know that Portland's industrial market is HOT right now? And it's getting HOTTER: Our industrial market is tightening; supply is shrinking and demand is growing.
Join CREW and learn about Portland Metro industrial market fundamentals and what the future holds from four of Portland's top industrial real estate professionals.
Cliff Finnell, SIOR and Vice President at Kidder Mathews, specializes in leasing and sales of industrial and office properties on Portland's Westside. Cliff has almost 18 years' experience in brokerage and previously served as President of the Portland Chapter of SIOR. As a noted expert and award winning broker, Cliff has spoken and written numerous articles about the local market. Cliff is an active member of NAIOP, SIOR and the Westside Economic Alliance.
Paul Breuer, SIOR and Senior Vice President at Colliers, offers forty years of experience in the industrial and flex markets. His areas of focus includes land, building sales, leasing, marketing strategy and economic modeling. Paul earned the “Industrial Broker of the Year” twice and the “Bill Naito” award for Creative Transactions three times from Commercial Association of Brokers.
Scott Kappes, SIOR and Senior Vice President at Capacity Commercial, has been in industrial real estate brokerage since 1985. An award winning broker, Scott has been involved in the development and leasing of projects totaling over eight million square feet. Scott currently serves as the President of the Portland Chapter of SIOR.
Chris McLaughlin, Director of Preconstruction Services with Perlo Construction has been in the commercial construction industry since 1993. Recognized as an expert in regional construction costs, Chris will share his thoughts on current construction costs and the changes affecting speculative and build-to-suit construction.
The panel moderator is Rebecca Liddell, MAI and Manager of Kidder Mathews' Valuation Advisory Services (VAS) division. Rebecca has been involved in the valuation of commercial real estate on the West Coast since 2003 and is a CREW board member.
Kathleen Buono, Project Manager, Perlo Construction
Kathleen Buono is an Oregon native and was born and raised in Portland. In fact, she lived in the same house in the Eastmoreland neighborhood between the time she was six months old to when she moved to Eugene to attend the University of Oregon. Kathleen spent five fantastic years in Austin, Texas, but, she missed the beautiful change of seasons in Oregon and returned to her roots. It was when she returned to Portland that she began her career in the commercial real estate sector as a commercial appraiser with Curtis Slocom (now Integra Realty Resources). Kathleen earned the prestigious MAI designation (Member of Appraisal Institute) in October, 2012. By then, she had been an appraiser for more than 15 years specializing in urban mixed-use, multi-family, retail and office properties. Some highlights to her appraisal career include the valuation of 200 Market, Riva on the Park, Machine Works Building, Grand Central Bowl, Montgomery Park, PacWest, the Commonwealth Building, and the Twelve West Building (the one with the wind turbines).
In 2013, Kathleen decided to make a career change. She loved the real estate business and being an appraiser, but wanted to find a new challenge. After several months of soul searching and informational interviews, Kathleen found the perfect job as a Project Manager with Perlo Construction’s Special Projects Group. In this position she spends her days managing smaller projects ranging from the $500 repair to the $300,000 tenant improvement. Wide-ranging can sometimes be an understatement with the Special Projects Group. In her first month on the job, she helped a property owner with a damaged concrete panel after a train backed into it, helped a client upgrade restroom shelving, provided a local manufacturer with an estimate for a new clean room installation, and helped estimate the renovation of a former florist shop into a bakery. It is the variety of projects, the teamwork, and the focus on customer service that she enjoys most in her new role.
Kathleen has been a member of CREW for more than 10 years. She is currently finishing out her fourth year on the Board and is in her second year serving as our Treasurer. She has been on many CREW committees over the years, including golf and sponsorship, and is a current member of the programs committee.
October Tour Recap
|Washington High School Revival
By: Jackie Safko
Craig Kelly, Broker for Venerable Properties, LLC, led a limited number of CREW members through the ongoing remodel of Washington High School. The school is a designated as a Portland historic landmark and was designed in the classical revival style by Portland’s architectural firms Houghtaling & Dougan.
Plans for the revitalization focused on preserving the building’s historical importance, restoring the exterior facade and giving new life to the interior core. SERA was selected as the project’s architect and Bremik Construction is the general contractor.
The tour started on the 23,000 square foot ground floor where seven new entries have been added, allowing direct access for retailers along SE Stark and SE 14th Avenue. The second, third and fourth levels feature over 50,000 square feet of creative/flex office space. New Seasons is moving their headquarters from North Portland to this location and has leased the entire fourth floor and half of the third.
At completion there will over 200 people working in the building, with the majority moving from offices in downtown Portland. Employers noted that many of their staff lived on the Eastside and felt it was important for them to work in the same area.
At the heart of the building, the existing auditorium will be used for music performances and corporate events with all of the 320 original seats remaining. The new addition is a 2,680 square foot roof deck. With views of downtown and Portland’s Eastside, the deck will be available to rent as an event space in addition to being a tenant amenity for lounging and barbeques.
Craig described what he wanted people to take away from the transformation of the building. He said that Art DeMuro, preservationist and founder of Venerable Group, was instrumental in the property being sold by the Portland Public School District. Art wanted to save the building and its history for the next 100 years. Art emphasized the importance of structures like for the community and future generations. Art had a vision of what this project could be and how much it meant to him for it to be completed the way he saw it.
Art passed away before his dream could be realized, but Craig Kelly and the team at Venerable persevered. With the addition of investment partner Pacific Reality Associates, L.P. “PacTrust”, a feasible new use for the property was found and in October 2013, and PPS sold Washington High School to the partnership.