Located at 29899 SW Boones Ferry Rd., the building was delivered in May at a cost of $11.9 million, according to AMB's most recent annual report. AMB estimates stabilization of the property by March 2004 and plans to sell the property by early 2005, according to the report.
Dave Ellis, SVP of Trammell Crow's Portland office, represented Nike in the transaction. Trammell Crow's John Fettig represented AMB. Neither party would reveal the term and rate on the transaction, but local brokers tells GlobeSt.com the market rate for newer industrial space is about $0.33 per sf per month and that Nike likely signed a one-year term. Asking rates for the property are $0.34 per sf per month, with a $0.65 per sf per month surcharge for space built out as office.
Trammell Crow began marketing the building for AMB last summer. Nike is the building's inaugural tenant. The lease commenced this month. The Beaverton, OR-based designer and marketer of athletic footwear, apparel, equipment and accessories is reprtedly using the space to warehouse and distribute surplus inventory. The location replaces one previously located in Clackamas.
Wilsonville Distribution Center features a 26-ft ceiling height, 74 dock doors, eight grade doors, cross dock loading capabilities and truck staging areas. Fettig tells GlobeSt.com the ideal scenario is to find as large a tenant as possible, because it means fewer divisions of the space, which cost money. With Nike signed up, the goal now is to find one, maybe two users to fill the remaining space.
The building is one of five buildings AMB owns in the Portland market. The other four, totaling about 160,000 sf, are located at AMB's Cascade Business Center in Tigard, OR. Local brokers tell GlobeSt.com that AMB has been looking to package its Portland properties into a larger portfolio sale.
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