Westcore Properties Enters Portland-Area Market with 407,546-SF Industrial Acquisition
Repositioning planned for many of the 25 buildings
Vancouver, Wash. (August 15, 2017) –Westcore Properties has acquired the 407,546-square foot, 25-building office and industrial park known as EastRidge Business Park, located at NE 117th Ave. and NE 99th St. in Vancouver, Washington.
The $38.7 million purchase from Investors Warranty of America, LLC marks Westcore’s entrance into the Portland market. Planned renovations will orient the park to attract more industrial users than in years past.
“At 65 percent 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.”
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets, comprised of more than 750 buildings and totaling over 45 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.