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June 13, 2024
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EverWest Real Estate Investors Closes $10 Mil Portland Industrial Buy


EverWest Real Estate Investors has acquired a 106.8k sf light industrial building in Portland for $10.05 mil, or $94/sf. The facility sits on 5.34 acres at 10675 N. Lombard St in the South Rivergate submarket, immediately surrounded by the Port of Portland Terminals 4, 5 and 6.

The Lombard Street building features up to 22’ clear height, 24 dock high doors and a 6.4k sf office area with a large employee breakroom, conference facilities and storage space. It is approximately five miles to Interstate 5 and less than 10 miles to downtown Portland.

“Limited new construction and a strong infill Port location keeps industrial demand for this area high and supports consistent year-over-year rent growth for this asset,” said EverWest Managing Director Ryan Madson. “The building is flexible for single- or multi-tenant configurations, and able to accommodate sea, river and rail traffic.”

Michael R. Merino, SIOR, of Colliers International represented the seller, Richards Homewares, Inc. The property was acquired as a five-year sale-leaseback, with Richards Homewares leasing 100% of the building.

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