Pods stands for Portable on Demand Storage. The company brings mobile storage containers directly to the customer to pack and then picks them up and stores them at places like the Wilsonville Distribution Center.
Wilsonville Distribution Center is located at 29899 SW Boones Ferry Rd., adjacent to Interstate 5. Dave Ellis and John Fettig of Trammell Crow Co. represented AMB. Ted Nicholson and Bill Obregon of CB Richard Ellis represented Pods. The going lease rate for newer warehouse space in the region is in the low $0.30s per sf per month.
AMB spent $11 million developing Wilsonville Distribution Center. It was delivered in May 2003. In October 2003, Nike signed on as the first tenant, leasing 80,000 sf on a short-term basis. In February 2004, EuroBest Foods signed a 3.5-year lease for 77,000 sf in the building. In April, Alliance Door Products LLC signed a five-year lease for 50,000 sf, taking the building to over 80% leased. Sometime after that, Nike vacated its space. Tab Warehouse backfilled 30,000 sf of the Nike space in November 2004 and, earlier this year, Fiskars took down the other 50,000 sf for five years, leaving only the space that Pods has now leased.
AMB is now likely preparing to sell the asset. Ellis declined comment, but according to its original SEC filings regarding the development, AMB expected stabilization of the asset by March 2005 and expected to dispose of it shortly thereafter, possibly as part of a larger portfolio of its Portland-area holdings.
Wilsonville Distribution Center is one of six buildings AMB owns in the Portland market. The company owns one other Wilsonville property, a 500,000-sf warehouse occupied by Rite Aid. The four others, totaling about 160,000 sf, are located at AMB's Cascade Business Center in Tigard.
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