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April 20, 2014
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Rite Aid Renews 517k sf OR Industrial Space

3/04/13

National drug store chain Rite Aid inked what we’ve been told was last year’s largest industrial lease in the Portland metro area – the renewal of 516.7k sf of space at GE Capital’s Wilsonville Distribution Center in Wilsonville. The property is located at 29555 SW Boones Ferry Rd, west of I-5 and north of Wilsonville Rd.

Wilsonville Distribution Center was built in 1979 and renovated in 1990. It offers 82 loading docks and cross dock loading capabilities. The high-cube distribution building has 26 foot clear heights and 5.1k sf of office space.

The property is one of 16 distribution facilities operated by Camp Hill, PA-based Rite Aid and serves the retailer’s Oregon, Washington, Idaho and Northern California locations. Rite Aid, which acquired the west coast-based drugstore chain Thrifty Payless in 1996 has operated the Wilsonville Distribution Center since 1998 and is one of the largest single employers in the city.

Tyler Sheils and Todd Hughes, both Vice Presidents at Jones Lang LaSalle, advised Rite Aid. According to Hughes, the building is owned and managed by an institutional owner and sits in a Class A logistics location.

The building is in an excellent location just two blocks from I-5 South. As of the fourth quarter 2012, the I-5 South Corridor had an industrial market vacancy rate of 7.8 percent and there is currently only one property in the entire Portland metro area with a vacancy over 500k sf.





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