{"id":1004189080,"date":"2017-08-31T01:45:04","date_gmt":"2017-08-31T09:45:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189080"},"modified":"2022-12-09T02:36:16","modified_gmt":"2022-12-09T10:36:16","slug":"westcore-buys-vancouver-business-park-for-39m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/westcore-buys-vancouver-business-park-for-39m\/","title":{"rendered":"Westcore Buys Vancouver Business Park for $39M"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004189081\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/EastRidge-Business-Park-in-Vancouver-Wash..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004189081\" data-attachment-id=\"1004189081\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-vancouver-business-park-for-39m\/eastridge-business-park-in-vancouver-wash\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/EastRidge-Business-Park-in-Vancouver-Wash..jpg\" data-orig-size=\"1230,923\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"EastRidge Business Park in Vancouver, Wash.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/EastRidge-Business-Park-in-Vancouver-Wash..jpg?w=1024\" class=\"wp-image-1004189081 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/EastRidge-Business-Park-in-Vancouver-Wash..jpg\" alt=\"EastRidge Business Park in Vancouver, Wash.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/EastRidge-Business-Park-in-Vancouver-Wash..jpg 1230w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/EastRidge-Business-Park-in-Vancouver-Wash..jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/EastRidge-Business-Park-in-Vancouver-Wash..jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/EastRidge-Business-Park-in-Vancouver-Wash..jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004189081\" class=\"wp-caption-text\">EastRidge Business Park in Vancouver, Wash.<\/p><\/div>\n<p>JLL\u2019s 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\u2019s entrance into the Portland market.<\/p>\n<p>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. \u00a0<\/p>\n<h2><strong>Classic value-add opportunity<br \/><\/strong><\/h2>\n<p>Managing Director Buzz Ellis and Executive Vice President Paige Morgan led the JLL team. \u201c<em>We continue to see investors drawn to business park opportunities with near-term upside and a diverse tenant base,<\/em>&#8221; said Morgan in a prepared remark.<\/p>\n<p>\u201c<em>At 65 percent leased, EastRidge Business Park is a classic value-add opportunity in the tight Portland market,<\/em>\u201d said Peter Mette, director of acquisitions at Westcore Properties, in a prepared statement. \u201c<em>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.<\/em>\u201d<\/p>\n<p>Westcore recently expanded its industrial portfolio with the $14.4 million acquisition of a 277,500-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/westcore-expands-norcal-industrial-portfolio\/\">industrial building in Stockton, Calif<\/a>.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EastRidge Business Park, consisting of 25 free-standing retail, office and light industrial buildings, marks the company\u2019s first foray in Greater Portland.<\/p>\n","protected":false},"author":1192,"featured_media":1004189081,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742,21747,28440,21749,15],"tags":[37409,32796,34163],"class_list":["post-1004189080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","category-office","category-portland","category-retail","category-west","tag-investors-warranty-of-america-llc","tag-jll","tag-westcore-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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