Although the structure of PacTrust has changed over the years, our senior management has remained constant since the 1980s. So has our culture of putting people first and building long-term relationships. Our asset base has grown to include over 14 million square feet of office, flex and industrial buildings and more than 300 acres of undeveloped land, as well as retail, multi-family, hospitality, resort, medical, life science, agricultural and energy interests.
US Bancorp Realty and Mortgage Trust (US BanTrust) is formed in Portland, Oregon as a publicly traded Real Estate Investment Trust (REIT) under the sponsorship of US Bancorp; its focus is on development and long-term ownership of commercial and industrial real estate. US BanTrust acquires a portfolio from Portland developer Dan Davis Corporation that includes 25 buildings in four industrial parks, totaling over 1,000,000 square feet.
PacTrust develops Oregon Business Park I, a light industrial business park and distribution center in Tigard, Oregon. This is PacTrust’s first ground-up development. Oregon Business Parks II and III were added in subsequent years, totaling 19 buildings and approximately 1,358,000 rentable square feet.
US BanTrust separates from US Bancorp and becomes self-administered, changing its name to Pacific Realty Trust and adopts the assumed business name “PacTrust.”
After a hostile takeover attempt, PacTrust goes private through a management buyout with private equity firm Kohlberg Kravis Roberts & Co. (KKR).
PacTrust begins land assemblage in Hillsboro, Oregon, and assumes management of M&T Incorporated (M&T), a family investment company holding California agricultural interests and various other real estate investments, recently acquired by KKR.
PacTrust personnel assist KKR in the acquisition of Safeway Stores.
Safeway and PacTrust form Property Development Associates (PDA) to acquire certain Safeway non-operating real estate assets and enter into an agreement for PDA to manage Safeway’s remaining non-operating properties.
PacTrust restructures to form a new limited partnership with PacTrust as general partner, and the Washington State Investment Board (WSIB) and the Oregon Public Employees Retirement System (OPERS) as limited partners. The general partner is owned by PacTrust employees and KKR principals. This structure remains in place today. PacTrust acquires M&T from KKR. Remaining M&T assets include the M&T Chico Ranch in Chico, California and The Crossroads Shopping Village in Carmel, California.
PacTrust enters into an agreement with Real Estate Properties Limited Partnership (REPLP), an affiliate of Fred Meyer, Inc., to manage certain non-operating real estate assets of Fred Meyer. (KKR with the backing of OPERS took Fred Meyer private in 1981.)
Together with principals of KKR and Lowe Enterprises, PacTrust purchases Sunriver Resort in Central Oregon.
Through a partnership with Jeff Gordon and Steve Madison, PacTrust forms Columbia Tech Center LLC to create Columbia Tech Center, a mixed-use development in Vancouver, Washington, currently encompassing over 500 acres.
PacTrust and WSIB form PAC/SIB LLC to hold certain WSIB investments at a variety of locations in Texas, Illinois, California, Virginia and Washington. PacTrust serves as the managing member.
PacTrust celebrates 25 years.
REPLP is liquidated and PacTrust acquires certain assets from that partnership, including Gateway Shopping Center in Portland, Oregon, and land in Woodburn, Oregon which is developed by PacTrust into a Safeway anchored shopping center.
PDA is dissolved and PacTrust acquires 102 former Safeway stores across 13 states and the District of Columbia. PacTrust also acquires the 1,000,000 square foot former Safeway Eastern Distribution Center in Landover, Maryland. The Landover property is renamed “Cabin Branch Distribution Center” and renovation and redevelopment is commenced.
PacTrust acquires 108 acres in Redmond, Washington for development of Redmond Ridge Corporate Center.
PacTrust celebrates its 40th anniversary. Construction of The Reserve at Columbia Tech Center commences, PacTrust’s first multi-family development.
PAC/SIB disbands and PacTrust acquires several assets from the PAC/SIB portfolio, including office buildings in Austin, Texas and Washington state
PacTrust participates in renovating the historic Washington High School on Portland’s Central Eastside. The building now offers approximately 80,000 square feet of retail and creative office space, plus Revolution Hall, an auditorium at the center of the building that hosts performances, and a roof-top terrace providing a unique east-to-west view of Portland.
PacTrust completes two new industrial parks – Koch Corporate Center in Tualatin, Oregon and Airport Way Business Park in Portland, Oregon. Construction of the industrial/warehouse Mill Creek Corporate Center in Salem, Oregon begins on 100 acres of newly acquired land.
PacTrust completes a 130,000 square foot life sciences facility for Just-Evotec Biologics at its Redmond Ridge Corporate Center and commences construction of three additional buildings for SpaceX, a major tenant in the development.
PacTrust completes redevelopment of the Cabin Branch Distribution Center in Landover, Maryland with 820,000 square feet of modern warehouses. Major tenants include the United States of America for the Office of the Architect of the Capitol and Whole Foods Market Group. PacTrust acquires 58 acres in Marysville, Washington and commences planning for development of Marysville Corporate Park which will accommodate approximately 700,000 square feet of light industrial, distribution and manufacturing buildings.
PacTrust celebrates 50 years.