EastRidge Business Park, a 25-building office and industrial park in Vancouver’s Orchards area, has been sold to a global real estate investment firm for $38.7 million.
The 407,546-square-foot business park was sold last week by Investors Warranty of America LLC to Westcore Properties, a San Diego-based firm that specializes in Western United States commercial and industrial properties.
EastRidge, which is located at NE 117th Ave. and NE 99th St., is currently home to approximately 75 tenants, occupying an average of 2,000 square feet each. The property is Westcore’s first in the Portland-Vancouver market.
In a press release, the firm said it plans to renovate the park to attract more industrial users to the property.
“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.”
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 has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.
Paige Morgan and Buzz Ellis of JLL represented Investors Warranty of America in the transaction.