The owner of the Pleasant Valley Golf Course in Happy Valley sold the 126-acre golf course and 54 undeveloped acres surrounding the course to West Hills Development, a subsidiary of Arbor Custom Homes. The seller is George Beall, who acquired the course from his father-in-law in 1970 and converted it from a public course to a private club. The new owner expects to master plan the property for a residential community.
The 153-acre Colwood National Golf Course is a public course that backs up to Portland International Airport. The owners, comprised mostly of members of the Saunders family, have filed an initial application to rezone the bulk of the course from open space to general industrial use, opening up the property to some 1.6 million sf of industrial development, city officials tell GlobeSt.com.
Ownership has said it plans to continue running the property as a golf course for at least the next three years. After that, it's likely the Port of Portland will acquire up to 50 acres to expand airport operations and the city parks department may receive another 20 acres for a park next to the Columbia Slough. The remainder would become an industrial center.
With industrial development having steadily been pushed eastward, a large chunk of development ready land so centrally located between Interstates 5 and 205 will be quite valuable. While development ready parcels in outer northeast Portland are selling for between $4 and $6 per sf, the Colwood Golf Course property could sell for between $7 and $8 per sf, one local industrial broker tells GlobeSt.com. At that price, the developable portion of the land, maybe 115 acres, would be worth as much as $40 million.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
