Central Eastside Industrial Property Being Repurposed As Creative Office
A JV of Capstone Partners and Premium Property USA has acquired a two-block site occupied by former industrial buildings in the Central Eastside that it will repurpose as 72k SF of new creative/technology office and an artisanal food and beverage maker hub to be known as Custom Blocks.
“We were attracted to the scale and potential of this multi-block acquisition," said Capstone Partners principal Chris Nelson. The property has 18-foot ceilings, large open floor plates with clear spans of old-growth timber, and large glass lines around its perimeters. "The repurposed project will be able to accommodate multiple occupants, or can serve as a scalable headquarters for a single user.”
The former industrial buildings, built in the 1940s and '50s, served as the Custom Stamp and Manufacturing plant for nearly 50 years before ceasing operations. Construction is set to start now, with shell completion and occupancy for tenants by this November.
Located at SE Madison, 10th Avenue and SE Main Street, Custom Blocks is adjacent to the New Deal Distillery, and not far from The Redd, LOCA, and other coffee roasters, breweries and other artisanal makers.
Cushman & Wakefield’s Portland office, led by Brad Carnese, repped the seller, Custom Stamping & Manufacturing Co. Along with colleagues Tom Usher, Mark Carnese, Doug Deurwaarder and Matt Johnson, Carnese has been retained by Capstone to handle the leasing of Custom Blocks.