Just about one week from the day that Pacific NW Properties officially broke ground on Fourth Plain Business Park II in Vancouver, they closed on their latest acquisition – a 30,000 square foot industrial building located just down the road on the prominent 112th Avenue. Currently leased to a single tenant who will be moving out in 2022 when their new building is built, Pacific has a significant reposition of the asset planned, starting with its new name – 112th North Business Park.
“We are very excited to add 112th North Business Park to our portfolio,” stated Brad Stern, Director of Property Management and Development, and a partner with Pacific NW Properties who will be managing much of the renovation, most significantly, changing the building from a single tenant use to a multi-tenant configuration. “We look forward to working with the City of Vancouver and the greater Vancouver business community as we reposition this asset and bring it to life!”
Well located just off I-205 and the WA 500 interchange on the prominent corner of 112th Avenue and 39th Street in Vancouver, Washington, the project offers a tremendous opportunity for light industrial users in the 4,000 – 30,000 square foot range.
“This was the fastest closing, and maybe the easiest purchase and sale we’ve ever been a part of,” said Zach Francis of Kidder Mathews, who along with his partners Chris Dowhaniuk and Karla Hansen brokered the purchase and sale which took less than 30 days total from initial offer to closing. “You guys live up to your word and do what you say you’re going to do every time and we will always think of you for these types of opportunities in the future.”
The acquisition of 112th North Business Park is Pacific’s 9th project in Vancouver and their 21st successful purchase in a row in the last handful of years. “We pride ourselves on always performing, striving for a win/win and conducting business in an honorable way,” stated Evan Bernstein, Director of Leasing and Acquisitions and a partner with Pacific NW Properties who lead the charge on this deal.
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