The portfolio is 90% leased. The negotiated purchase price was not immediately available, however industry sources told GlobeSt.com in September, when offers were due, that the negotiated price will come in at around $70 per sf, or about $64 million.
The 516,693-sf Wilsonville Distribution Center I is 100% occupied by Rite Aid. The lease runs up to 2009 and includes an option to extend. The property is Rite Aid's Northwest distribution facility. It has a fully automated racking system, is cross-docked and has a 42-foot clear height.
Wilsonville Distribution Center II is a 250,230-sf multi-tenant distribution facility that was delivered in May 2003. Tenants include Eurobest Foods, PODS, Lynden Doors, Tab Transportation and Fiskars Brands. EuroBest Foods signed a 3.5-year lease for 77,000 sf in February 2004. Two months later, Alliance Door Products LLC (Lynden) signed a five-year lease for 50,000 sf. In November, Tab Transportation leased 30,000 sf and earlier this year Fiskars took down 50,000 sf in a five-year deal. Last month, Pods Inc., the Florida-based self-storage company, signed a five-year lease for the remaining space (41,485 sf).
Cascade Business Center is a light industrial property. Tenants include Comcast, Sprint, XO Communication, State of Oregon, Hemcon Inc. and California Seal. The complex is about 90% leased, according to officespace.com.
Crow Holdings, through its various companies, controls and directs the investments of the Trammell Crow family and its investment partners. Information was not immediately available on any other Crow Holdings assets in the region.
The Palmer Team Inc. of Sacramento, led by managing partner Roman Benvenuti, had the disposition assignment. The property was and will continue to be managed and leased by the local office of Trammell Crow Co. Local TCC brokers Dave Ellis and John Fettig assisted in the sale.
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