Our History


Although the structure of PacTrust has changed over the years, our senior management has remained constant since the early 1970s. So has our culture of putting people first and building long-term relationships. Our asset base has grown to include 13.5 million square feet of office, flex and industrial buildings and 209 acres of undeveloped land, as well as hospitality, resort, 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.


US BanTrust separates from US Bancorp and becomes self-administered, changing its name to Pacific Realty Trust and adopts the assumed business name “PacTrust.”

PacTrust develops Oregon Business Park I, a flex/office property 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.


After a series of outside acquisition attempts, PacTrust goes private through a management buyout with Kohlberg Kravis Roberts & Co. (KKR).


PacTrust begins land assemblage in Hillsboro, Oregon.


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. This structure remains in place today.

PacTrust acquires M&T Incorporated (M&T) from KKR. M&T was a family investment company which held California agricultural interests and other various real estate investments, many of which were sold over the years. 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.


PacTrust, together with principals of KKR and Lowe Enterprises, purchases Sunriver Resort in Central Oregon.


Through a partnership with Jeff Gordon and Steve Madison, PacTrust forms Columbia Tech Center LLC to create a mixed-use development in eastern Vancouver, Washington.


Development begins at Orenco Station Town Center.


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.

Development begins at Orenco Station in Hillsboro, Oregon.


PacTrust celebrates 25 years.


REPLP is liquidated and PacTrust acquires certain assets from that partnership, including Gateway Shopping Center and a parcel of land in Woodburn, Oregon.


PDA is dissolved and PacTrust acquires an additional portfolio of non-operating Safeway real estate.


PacTrust celebrates its 40th anniversary.


PAC/SIB disbands and PacTrust acquires several assets from the PAC/SIB portfolio.


PacTrust participates in the renovation of 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, including Airport Way Business Park in Portland and Mill Creek Corporate Center in Salem, Oregon.