A 113-acre property along Vancouver's Columbia River, known as the Columbia Business Centre, has sold for $96 million, setting a market record.
The sale is the largest single transaction ever paid for industrial land in the Portland-Vancouver market, according to a statement from real estate group Newmark.
“This sale represents a rare opportunity to own large-scale industrial land in a market that lacks developable land,” said Nick Kucha, vice chairman of Newmark. His team and a team from commercial real estate firm Colliers represented the seller in the transaction.
Columbia Business Center is located east of Southeast Columbia Shores Boulevard and west of Southeast Marine Park Way, and is one of Vancouver's few heavily industrialized areas. The property is located between State Route 14, the BNSF Railroad, and the Columbia River. Tenants have access to railways and highways, as well as barge slips in the business centre.
Columbia Business Center is a mix of old and new buildings. Some date back to World War II, when the Kaiser Shipyard was located here.
The property also includes light industrial, flex and heavy industrial space, as well as outdoor storage and assembly space.
The 25 buildings on the site were not sold in the transaction. They are owned by another undisclosed party. The building owner leases the land from the landlord. A lease agreement was included in the transaction.
Newmark did not name the sellers, but referred to them as “private family sellers.”
Business center tenants include Thompson Metal Fab, Skyline CDL School, Columbia Distributing and Vancouver Steel Painters.
This story will be updated.
