The site is located at the corner of Airport Way and NE Riverside Parkway, just inside the entrance to Southshore. According to public records, Bedford paid $950,000 or about $4.20 per sf for the property.
The Lafayette, CA-based REIT is planning two one-story tilt-ups that will have a high office build-out. One building will be 36,506 sf and the other 27,435 sf. Both buildings will be designed to accommodate the needs of smaller flex users, 1,800 to 6,500 sf, while still being a viable option for a single tenant.
Bedford has hired Brandon Frank, Eric Haskins and Tom Talbot from Grubb & Ellis Company as the listing agents for the project. Bedford's Steve Silla tells GlobeSt.com the company does not have definite plans for when the project will break ground. "We're monitoring the market situation," says Silla.
Among other things, Silla likely will be monitoring the success of the two other flex-office projects already underway in the Columbia Corridor, a submarket that has heretofore seen mostly manufacturing and distribution space. Down the road, Opus Northwest is currently under construction on two flex-office buildings totaling 67,000 sf and Pacific Realty Ventures is developing another 40,000 sf. Both projects are being marketed at rates between $1.05 and $1.10 per sf per month, and word on the street is Opus has landed a 20,000-sf pre-lease.
The Columbia Corridor submarket has about 1.9 million sf of flex space that was only 8.6% vacant at the end of March. By comparison, the region's largest flex-office submarket, the 16.7-million-sf Sunset Corridor, had a vacancy rate of 14%.
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