Vancouver-based Precise, a precision grinding company with about 20 employees, bought a 64,400-square-foot industrial building at 5600 N.E. 121st Ave. in Vancouver for $4.225 million.
The seller was California-based Elixir Industries Inc., which manufactures aluminum extrusions and other metal fabrications. The building was never formally on the market, but Elixir was planning to close the Orchards facility, according to NAI Norris, Beggs and Simpson.
Meanwhile, Precise was looking for room to expand. It will move into the building, which was built in the mid-1990s, this month and use most of the space, while subleasing about 25,000 square feet.
"I believe that down economic times are when you should spend money," said Precise Owner Rick Jones. "That's when there are the best investment opportunities."
In the recession, Jones said the company is stable. Precise owns its current space and plans to sublease it.
While financing remains tight for development projects and investment real estate, there are still financing options for owner-user buyers, especially with the SBA 504 Program, said Garret Harper, a senior salesperson at NAI Norris, Beggs and Simpson in Vancouver who represented Precise in the sale.
