Looking up! Pacific NW Properties heads North for their latest acquisition

In what has recently become a volatile purchase and sale market, with rising interest rates, value compression, shaken confidence and other challenges, Beaverton, Oregon based Pacific NW Properties once again navigated choppy waters and successfully purchased their third industrial property of the year – this one in the fast-growing Ridgefield, WA submarket. “We’ve been eying Ridgefield for a while now, waiting for the perfect opportunity to surface,” said Evan Bernstein, a Principal with Pacific NW Properties. “We’re so grateful to have dug up this off-market opportunity!”

Ridgefield Industrial Park is a modern industrial tilt-up building designed by VLMK and consisting of approximately 54,876 square feet, including approximately 6,725 square feet of office, 8 loading docks, 8 grade level doors, 24’ clear height, and heavy 3-phase power. The property is situated in the master planned Union Ridge industrial park, and offers a rare opportunity for a manufacturing or distribution company to occupy as a single-tenant headquarters building, or it can be divided to 26,000 square feet to accommodate multiple businesses.

“With Ridgefield’s proximity and immediate access to I-5, business friendly environment, heavy investment in infrastructure, new housing, and high-quality corporate neighbors, we knew this was the next logical community and location to invest in for the future,” stated Mitch Page, a veteran Senior Leasing and Asset Manager with Pacific who will be spearheading the lease-up effort.

Fuller Group’s Garret Harper and Capacity Commercial Group’s Charlie Kleier helped broker the deal, which never hit the market. “This was a win-win off-market transaction,” said Harper who has transacted with Pacific NW Properties many times in the past. “We were able to structure a deal with a short due diligence period, flexible short-term leaseback for the Seller, and great communication from the Buyer throughout the process. It’s always a pleasure working with PNWP!”

For more info on Pacific’s acquisition criteria, please visit www.pnwprop.com