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8/18/17
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Westcore Properties has acquired EastRidge Business Park, a 407.5k sf biz park in Vancouver, WA, for $38.7 mil ($95/sf). The property was sold by Investors Warranty of America LLC.
The 25-building office and industrial complex is located at NE 117th Ave and NE 99th St. It represents Westcore’s entrance into the Portland market. Planned renovations will orient the park to attract more industrial users than in years past.
“At 65% leased, EastRidge Business Park is a classic value-add opportunity in the tight Portland market,” said Peter Mette, director of acquisitions at Westcore Properties. “There is minimal functional industrial space to satisfy the robust small and mid-sized tenant demand, which is evidenced by the current vacancy rate within the market.”
Paige Morgan and Buzz Ellis of JLL represented Investors Warranty of America in the transaction. JLL’s second quarter Portland Industrial Insight report cites a new historic low for vacancy, while “rents hit a new market high of $0.60 per s.f. per month NNN.”
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