Lack of New Product Boosts Portland Industrial Appeal

Demand continues for Portland industrial product and EverWest Real Estate Investors recently capitalized on that demand with its acquisition of a 106,750-square-foot light industrial building at 10675 N. Lombard St. The $10.05 million acquisition is located on 5.34 acres in the South Rivergate submarket surrounded by the Port of Portland Terminals 4, 5 and 6.

“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 Ryan Madson, EverWest managing director. “The building is flexible for single- or multi-tenant configurations, and able to accommodate sea, river and rail traffic.”

The Lombard Street building features up to 22-foot clear height, 24 dock-high doors and a 6,422-square-foot office area. It is approximately five miles to Interstate 5 and less than 10 miles to downtown Portland.

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