EuroBest is reportedly expanding from a location in Tualatin. The rate on the lease was not disclosed, but local brokers tell GlobeSt.com the market rate for newer industrial space in town is about $0.33 per sf per month. At last check, asking rates for the distribution center were $0.34 per sf per month, with a $0.65 per sf per month surcharge for space built out as office.
Located near Interstate 5 at 29899 SW Boones Ferry Rd., the 250,000-sf building was delivered in May 2003 at a cost of $11.9 million and is now 63% leased. AMB estimated stabilization of the property by March 2004 and plans to sell the property by early 2005, according to SEC filings.
When EuroBest moves in, the building will have two tenants. In October, Nike Inc. signed a one-year lease for 80,000 sf in the building; however, that doesn't necessarily mean they won't renew. Nike, which uses the space to warehouse and distribute surplus inventory, has reportedly leased space across the street from Wilsonville Distribution Center on a year-to-year basis for eight years.
Dave Ellis and John Fettig of Trammell Crow's Portland office have had the leasing assignment for Wilsonville Distribution Center since the summer of 2002. EuroBest Foods was represented by broker Tony Reser, who recently switched from Cushman & Wakefield to GVA Kidder Mathews.
Wilsonville Distribution Center features a 26-ft ceiling height, 74 dock doors, eight grade doors, cross dock loading capabilities and truck staging areas. 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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