Port of Portland Sells Acreage At Troutdale Reynolds Industrial Park

TROUTDALE, OR — Port of Portland officials on Wednesday announced the sale of nearly 19 acres at the Troutdale Reynolds Industrial Park, essentially setting the stage for new development and — potentially — new jobs in the area.

The industrial park, or TRIP, is a 700-acre brownfield development featuring a mix of industrial and natural areas, Port officials said in a statement. Plans are to sell the 19 acres to the CRG real estate development group for $5.24 million, according to industrial business publication American Shipper. CRG has indicated its intent to construct a 344,000-square-foot facility that could potentially accommodate four industrial users for manufacturing, distribution, and offices.

"This investment is another example of TRIP's evolution from a brownfield site into a thriving job center," Keith Leavitt, Port chief commercial officer, said in the statement. "We expect this development to follow suit in attracting nationally known companies that will bring quality jobs to our region."

CRG's previous real estate deals include working with big-name companies like Pfizer, Coleman, Amazon, and Walgreens, as well as a handful of NFL teams. In February, Port officials approved the sale of 74 acres at TRIP for Amazon to establish a fulfillment center, which ultimately created 1,500 jobs in the area.

TRIP was formerly where the Reynold Metals Company maintained an aluminum plant, Port officials said. In 1994, TRIP was declared a superfund site (a designation which means the federal government would fund the cleanup of hazardous substances and pollutants).

TRIP was sold to Alcoa Corporation, another aluminum company, in 1998. Aluminum production and recycling effectively stopped in 2002 when Alcoa demolished the aluminum plant and sold the property. The Port of Portland purchased the property in 2007, after which it was annexed into the city of Troutdale.

More than $130 million has been invested into the property by the Port and its partners for development, officials said, which has included cleanup of contaminated soils, according to the state Department of Environmental Quality. Currently, TRIP is home to a FedEx Ground hub, which setup shop on the property in 2010.

"Within the dynamic Pacific Northwest market, the TRIP development is a premier site that enhances our industrial portfolio," CRG Western Region Vice President John Banchero said. "We see significant opportunity in the site with close proximity to the FedEx Ground hub, the Amazon fulfillment center, I-84 and the Troutdale Airport. When completed, the state-of-the-art facility and its location is guaranteed to attract today's top modern industrial, logistics and fulfillment users."

Top Photo Courtesy: CRG Real Estate Development Group