GlobeSt.com UPDATE: IBC Sells Off Chunks of Atlas Copco Property

PORTLAND, OR-IBC Holdings has sold off two buildings and some of the excess land that was part of its acquisition of a mining equipment manufacturing plant from Stockholm, Sweden-based Atlas Copco. The property is located on Northeast 158th Avenue, east of Interstate 205 and north of I-84. IBC, a company run by developers based in Denver and Phoenix, acquired the property in early 2004 from Atlas Copco for an undisclosed price believed to be between $4 million and $5 million. It has spent the last year going through the subdivision process to break the 11-acre property up into smaller chunks. In recent weeks, IBC has closed on two sales. The owner of Pierce Pacific, a heavy equipment manufacturer from Tualatin, acquired a 65,000-sf, crane-served building on the property and 2.1 acres of additional land for $3.6 million. In the other deal, a local carpenters’ union acquired a 61,500-sf building on four acres plus an additional 1.5 acres of land for $4.1 million.The carpenters’ union will reportedly use the facility instead of its exiting location on Columbia Boulevard. Mike Hildebrandt of Pierce Pacific tells GlobeSt.com he has relocated his company’s operations to the building from leased space in Tualatin. He says about 5,000 sf of office space will be added to the existing building and the excess land will be used for storage. “We wanted a better building, and I was tired of leasing,” says Hildebrandt, who expects to employ between 125 and 140 people at the site. When asked why he moved into the city when many companies are moving out for tax advantages, he said, “the city and the state gave me a lot of money–jobs money–in the form of grants.”Tony Reser of GVA Kidder Mathews handled the transactions on behalf of IBC. Reser tells GlobeSt.com that the sales leave IBC with about 4.8 acres of developable land. Reser says IBC’s plan is to develop smaller owner-user buildings on the property. A development timeline is not yet in place.