EuroBest Foods Leases 77,000 SF from AMB

WILSONVILLE, OR-EuroBest Foods has leased 77,000 sf at Wilsonville Distribution Center, a new distribution center owned by publicly traded AMB Property Corp. The 3.5-year lease commences in April.

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.