193-Acre Industrial Parcel Coming to Market

ALBANY, OR-The Weatherford family has hired Cushman & Wakefield to market a 193-acre industrial parcel here located along Highway 99E. The parcel is located between a Southern Pacific railroad line and the highway, which is about two miles from Interstate 5. The area has seen a lot of activity in the last few years. Across 99E from the Weatherford property, the big-box retailer Target acquired 100 acres and doubled the size of its distribution facility to 1.47 million sf. In nearby Lebanon, Lowe’s has announced its intention to develop a 1.36-million-sf regional distribution center.”It’s fair to say this is the largest contiguous industrial zoned site along the I-5 corridor from Washington down to California,” says C&W director Paul Carlson. Carlson has the disposition assignment with partner Mark McClung. Carlson tells GlobeSt.com that some companies that built distribution facilities in California to serve the entire West Coast have seen their business in California grow to the point where their distribution centers are now only big enough to serve California. As a result, they are looking for points north where they can develop a new facility to serve the Northwest.”One of the trends within that is for these companies to locate their facilities in smaller communities,” Carlson says. “Communities that want them, that have a lower cost of living and that are strategically located for servicing the entire region.”Carlson says the property is serviced with utilities and lies within the urban growth boundary. Currently Group Mackenzie is working on a master plan for the property, determining whether it makes sense to divide the property or sell it as a single chunk of land. As for the value of the land, Carlson declined comment. Other industry sources tell GlobeSt.com it should sell for in excess of $35,000 per acre, which is the price Target paid for its land across the highway in the late 1990s.