PORTLAND-Plastics Northwest is leaving Clackamas for twice as much industrial space at the Port of Vancouver.
The custom injection plastic molder signed a 10-year, $7,000-a-month lease for 25,000 sf of the 36,000-sf “Building 2480″ where it will employ 25 to 30 people. The company expects to take over the whole building within four years.
The Port controls some two million sf of industrial space. The lease brings the Port's occupancy to 98.5%. “We've found we've been able to fill buildings pretty easily,” says one Port source. The available 1.5% consists of smaller spaces spread among several buildings, such as the 11,000 sf still available in the building Plastics Northwest will be occupying.
Mike Martin, president of Plastics Northwest, tells GlobeSt.com his company is growing out of the power capacity and space at the company's current location off 82nd Avenue in Clackamas. “We looked around southeast Portland but the Port (of Vancouver) worked with us a lot more,” says Martin. “They were a lot more flexible.”
Martin says the Port provided them with more space, room to expand even further and an upgraded electrical system at a rate not much different than they are currently paying. “They were much more flexible.”
The initial lease rate works out to about $0.28 per sf per month. Annual escalations are based on the Consumer Price Index, according to the port.
Martin says he hopes to be up and running at the new location next month.
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