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VANCOUVER, WA-Two fully leased industrial buildings at Eastridge Business Park have been sold to Quondabear LLC, an entity led by local investor Arthur Quon. The purchase price was $3.32 million, or about $100.50 per sf.
The buildings purchased were Building V-A, a 15,492-sf flex building located at 12607 NE 95th St., and Building 24, a 17,600-sf light industrial building located at 9602 NE 126th Ave. Building 24 is leased to Comcast and Eastridge Business Park. The V-A building is leased to Capseals, a vitamin supplement company.
"Finding sensible leased investments in the Portland or Vancouver markets is difficult and we believe that market fundamentals will continue to improve, increasing the value of this asset," Quon says.
EastRidge Business Park is a 90-acre mixed-use development with 42 office, flex, retail and light industrial buildings. The seller of the buildings in this transaction was EastRidge Business Park LLC. TJ Fontenette of Principal Properties LLC has the disposition assignment. Matt Adams of Grubb & Ellis Co. represented Quondabear.
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