The Fazio Family has farmed in North Portland for over 50 years. Going back to before World War II, much of the area along the Columbia and Marine Boulevards in North Portland was dominated by family farms, but that began to change with the city’s relocation of the Portland airport and the city’s desperate need for lands for industrial employment and expansion. Slowly these farms gave way to a multitude of industrial uses with many centered around trucking, transportation and distribution.
The Fazio family has hung on longer than most with ownership of over 100 acres located off Marine Drive and Vancouver Way which had become surrounded by trucking terminals, warehouses and other industrial uses. Knowing farming was not feasible for their lands, but also not wanting to sell, but provide long term income for their family, they turned to Todd and Cascade Commercial to figure out the way forward.
Federal Express, which was looking to expand their ground transportation operations, saw this site has a great opportunity but, of course, wanted to purchase the site if they wanted to invest over $30 million in a new facility. After extended negotiations and bringing in a third party developer, a long term ground lease was forged to meet both the Fazio’s, as well as Federal Express’, needs.
There were lots of due diligence and lease structure issues that needed to be worked out over almost a year, but working with vaunted engineering and planning firm Mackenzie, a flexible and creative transaction was forged that led to a 100 door cross dock facility on 47 acres being developed.
“We really did not have too much expertise or understanding on how this all could work but Todd really was creative, dogged and flexible in guiding us through this complex process to allow our family to take a very underutilized asset to become a great income producing property for our family for many years to come. We were really happy with the outcome,” said David Fazio