Herschell Management LLC has purchased Padden Industrial Park, a 40,870-square-foot, five-building fully leased property in Vancouver, for $3.25 million.
Located at 7613 NE St. Johns and 4601 NE 78th Street, Padden Industrial Park features industrial/flex spaces from 1,200 to 3,500 square feet and has undergone recent upgrades including parking lot repair, T-8 lighting fixtures, electrical and roof.
NAI Norris, Beggs & Simpson vice president Garret Harper represented Herschell Management in the transaction. Jim Lewis of Cushman & Wakefield represented the seller, Heuvel Enterprises LLC.
“Padden Industrial Park is a well-positioned and fully-leased property with local companies as stable tenants,” said Harper. “It was an excellent investment opportunity for that particular price range, which is becoming harder to achieve in that submarket.”
