Pacific NW Properties, a family owned commercial real estate development, investment and property management headquartered in Beaverton, Ore., recently broke ground on their ninth project in the Vancouver area – Fourth Plain Business Park II.
The approximately 40,000-square-foot multi-tenant light industrial building, located at 6700 NE 152nd Ave., in Vancouver, is expected to be completed during the fourth quarter of 2021. The building will offer space for lease to a variety of industries, including manufacturing, distribution, service, high-tech, R & D and recreational, according to Evan Bernstein, director of leasing & acquisitions/partner with Pacific NW Properties. The spaces for lease will range from 3,000 to 16,000 square feet.
Bernstein said they are building this project on a speculative basis, with no current commitments at this time. However, he said based on demand and market intel and projections, he believes the building should be at least 50% pre-leased by the time the project gets completed.
Currently, Bernstein said the cost of the project is to be determined. General contractor for the project is Walen Construction (based in Wilsonville, Ore.) and architectural work will be done by Mildren Design Group (based in Beaverton, Ore.).
Investing in Vancouver since the early 1990s, Bernstein said Pacific NW Properties built Fourth Plain Business Park I in 2017 and were lucky to fill it up quickly with companies like T-Mobile, Konecranes, All About Floors NW, Auto Pro Buys, Integrity Air, Finish First and Neles.
“Vancouver’s industrial market is one of the strongest in the region,” Bernstein said. “Vacancy rate is less than 2% and the market is starving for product like this.”
Bernstein said that Pacific NW Properties is actively looking at two other industrial building acquisitions in Vancouver at the moment, as well as searching for additional land for future developments.
“In a time of uncertainty, layoffs, high unemployment, stress and every other challenge spawning from the global pandemic, we are so blessed to be breaking ground on our latest project and providing some much-needed positivity and optimism, as well as creating jobs and in-demand space for Vancouver companies to grow and thrive,” Bernstein said during the March 17 groundbreaking. “We’re super proud and excited to be able to finally get things going.”
According to Bernstein, a spilled drink at a real estate awards ceremony in 2019 is what led to the acquisition of that land that the project is being built on.
“I accidentally spilled my tall glass of bourbon on the seller’s jacket,” he said. “I felt so bad, I had to purchase his lot. As I mentioned at the groundbreaking ceremony, most people go to the bars to pick up women, I go to the bars to pick up properties.”
Vancouver Mayor Anne McEnerny-Ogle was present at the March 17 groundbreaking event and thanked Pacific NW Properties for their investment in the city of Vancouver.
“Though it has been a difficult year we have continued to see signs of growth and development throughout the city,” McEnerny-Ogle said. “Developers just like Pacific NW Properties are committed to the health and vitality of our business community and the residents that they serve. I look forward to coming back here in several months for a grand opening and a tour. Until that time – I’ll just say ‘thank you’ to Pacific NW Properties and all your partners in this venture. The city is so grateful for your presence in our community and sincere interest in making it a better place.”
At the groundbreaking event, Pacific NW Properties Founder Tom Stern said they love Vancouver and hardly ever have any vacancies at any of their Vancouver properties.
“We love working with the city and will continue investing in this great region for years to come,” Stern said.
Businesses interested in leasing space at Fourth Plain Business Park II can contact Mitch Page or Evan Bernstein at 503-626-3500 or via email at mitch.page@pnwprop.com, evan.bernstein@pnwprop.com.
