Premier Gear Starts Up

Today Premier Gear & Machine Works broke ground in Canby, Oregon on a new 62,295 square foot manufacturing building.  The concrete tilt-up will have bridge cranes and headquarters office.  This ground breaking followed a complicated sale of the existing building at the edge of The Pearl and IRS Section 1031 Tax-Deferred Exchange.  Stratus Developers started as landlord under a lease until Premier Gear exercised its option to purchase and will finish as a fee developer under the complicated deal structure.

Celebrating the accomplishment was Russ Cole, President, joined by his wife, Susan, and son, Aaron.  On hand were Rick Robinson, City Administrator, and Renate Mengelberg, Economic Development Director for City of Canby who was instrumental in expediting permit approval and selling the land as Urban Renewal Agency of the city, represented by Jeff Brooks of Kidder Mathews. A shout out to David Zehntbauer of Dunn Carney and Isaac Quintero of Magellan Properties without whose expertise and tireless effort this would not have happened.