Westcore Buys Vancouver Business Park for $39M

The EastRidge Business Park, consisting of 25 free-standing retail, office and light industrial buildings, marks the company’s first foray in Greater Portland.

By Mihaela Coste

EastRidge Business Park in Vancouver, Wash.
EastRidge Business Park in Vancouver, Wash.

JLL’s Capital Markets experts represented Investors Warranty of America LLC in the $38.8 million sale of EastRidge Business Park, a 25-building complex in Vancouver, Wash. The asset was acquired by Westcore Properties and marks the company’s entrance into the Portland market.

Located on a 30.9-acre site in close proximity to interstates 205 and 5, EastRidge Business Park features free-standing retail, office and light industrial buildings, totaling 407,546 square feet. The park is situated just seven miles from downtown Vancouver and 11 miles from Portland International Airport.  

Classic value-add opportunity

Managing Director Buzz Ellis and Executive Vice President Paige Morgan led the JLL team. “We continue to see investors drawn to business park opportunities with near-term upside and a diverse tenant base,” said Morgan in a prepared remark.

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, in a prepared statement. “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.

Westcore recently expanded its industrial portfolio with the $14.4 million acquisition of a 277,500-square-foot industrial building in Stockton, Calif.

Image via Google Street View

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