Airport Way Commons is located within the Airport Way industrial area of northeast Portland. The project was originally designed to be an investment-grade asset serving tenants who desired to lease space close to Portland International Airport and Interstates 205 and 84.
Construction of this 84,000 square-foot three-building business park commenced in early 2003 at a time when industrial and flex space in Portland were in the throws of a downward trend. While it was a difficult decision, we hedged market conditions by deciding not to construct two of the three buildings. After completion of Building A, we repositioned the asset for sale and were among the first in the Portland area to file a condominium plat on an industrial property. Because of this, buyers could purchase space in the building in increments of 6,000 square feet. Since approval of the condominium plat, most of the existing building has been absorbed by tenants who chose to come to Airport Way because they could be granted an option to purchase their leased space.
We altered our marketing strategy for the two future buildings to allow prospective purchasers to customize the look of the buildings as well as reconfigure clear-height and loading options to suit their specific needs.
Construction began in late 2006, and was completed in November, 2007. Eighty percent of Building B and all of Building C were sold in early 2008, and occupancy of the last unit in Building B occurred in February, 2009.