Larkspur Industrial Park

JLL Capital Markets, as exclusive advisor to AltaBird Investments (the “Sponsor” or “AltaBird”), is pleased to present the opportunity to provide joint venture equity for the three-building industrial development, Larkspur Industrial Park ( the “Project”, or “Portfolio”). This three-building industrial development is strategically phased, with Buildings 1 and 2 in Phase I totaling 417,378 SF and Building 3 in Phase II totaling 241,023 SF for a total Project size of 658,401 SF. The Project is located in Forest Grove, in proximity to Intel’s campus in a supply-constrained submarket. Larkspur Industrial Park presents the incredible opportunity to develop three Class A distribution facilities with access to the Sunset Corridor and the greater Portland MSA and the following key transportation nodes: Hillsboro Airport (HIO), Interstates 5, 84, 205, OR-6 and 217, and the Port of Portland.

The Portfolio is located in Portland’s premier Sunset Corridor submarket, the tightest submarket in Portland, with an impressive 2.2% vacancy rate and strong historical rent growth and absorption. The submarket serves Hillsboro, which houses Oregon’s largest employers, Intel and Nike. The Project’s surrounding area boasts a highly skilled workforce, with 63% of the population within a 10-mile radius employed in white-collar roles and 21% in blue-collar roles. Hillsboro has established itself as a vibrant technology hub, demanding talent to support industry giants such as Intel, Nike, and Oracle, underscoring the area’s path for continued economic growth. The Sunset Corridor continuously proves to be a dynamic and emerging industrial submarket which has witnessed robust demand from expanding e-commerce and logistics companies. Hillsboro is a major data center hub with superior fundamentals as it has more than doubled in size since 2020. Major companies have recently expanded into Hillsboro, such as NTT Data, along with many other high-tech manufacturers. In addition to the strong immediate labor pool, the submarket has seen record absorption in new construction industrial projects given the imbalance of supply and demand, as absorption has significantly outpaced new deliveries over the past 10 years. In conjunction with a historical imbalance of supply and demand, there is a lack of supply in the pipeline with Larkspur Industrial Park as the only project expected to deliver in 2026.

The Project has secured a significant advantage by obtaining full land use approvals from the City of Forest Grove. With construction estimated to commence in Q3 2025, the sponsor, AltaBird Investments, is seeking approximately $36 million in JV equity for the Project. Phase I is seeking $23 million while Phase II is seeking the remaining $13 million of the total JV equity for the Project. Investors are encouraged to provide terms on the entire Project with first refusal to the future phases, as the Sponsor is willing to consider all options. AltaBird is an up-and-coming developer with a track record of successful projects nationally. This Project aligns with the growing demand for modern industrial space in the Sunset Corridor; driven by its strategic location; business-friendly environment, and rapidly growing population in close proximity to the blue- and white-collar labor pools.