Ridgefield industrial on the rise in Portland
The region seems to still have legs for growth in the foreseeable future.
November 20, 2019
- Ridgefield, Washington, a small town of 4,700 people 12 miles north of Vancouver is cultivating a hub of industrial activity just off a newly constructed I-5 highway interchange as landlords, occupiers, and investors struggle to find land in the confined Portland metro area.
- AltruVentures completed a 130,000 square foot industrial building last year, 45,000 square feet of which got leased to Focus Global in February this year.
- Trimaco recently delivered two buildings at 7000-7200 S 10th Street, taking the full 112,500 square feet in the West building and BedTech taking the full 106,000 square feet in the East building.
- Two more projects are currently under construction. Ridgefield Commerce Center, is a 117,000 square foot industrial building Panattoni is developing, will deliver early next year. Additionally, United Natural Foods is undergoing a 577,000 square foot distribution center expansion, bringing their total footprint in the area to over 800,000 square feet. The site is directly across the street from a Dollar Tree 665,000 square foot distribution center.
- 3 sales transactions have already occurred in Ridgefield in 2019. A 58,700 square foot built-to-suit for Flowserve delivered in 2018 and sold to KAWA Capital Management for just over $13.8 million in April. A 90,250 square foot asset fully leased to Pacific Power Group and Perkins Pacific sold to a high-net worth individual for $12.2 million in July. Lastly, Elkhart Plastics executed a sale-leaseback on their 141,500 square foot building to STAG Industrial for $14 million in October.
- The region seems to still have legs for growth in the foreseeable future. There are currently 9 lots for sale zoned for industrial use ranging in size from 2.5 acres to 38 acres and there are 3 build-to-suit opportunities being marketed as well.
Source: JLL Research