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Advised by Jones Lang LaSalle, retailer extends lease for Pacific Northwest regional distribution center at Wilsonville Distribution Center
PORTLAND, Ore., March 1, 2013 — Jones Lang LaSalle (JLL) represented Rite Aid in last year’s largest industrial lease in the Portland metro area – the renewal of 516,693 square feet of space at GE Capital’s Wilsonville Distribution Center at 29555 SW Boones Ferry Road in Wilsonville, Ore.
Tyler Sheils and Todd Hughes, both Vice Presidents at Jones Lang LaSalle, advised Rite Aid.
“This building is owned and managed by an institutional owner and sits in a Class A logistics location. After careful evaluation of all available choices of action, we were able to reach an agreement that facilitated the renewal of the lease on terms and conditions that clearly made sense for our client,” said Todd Hughes, Vice President, Jones Lang LaSalle.
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 5,100 square feet 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.
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 500,000 square feet.
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About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.