EverWest Buys Portland Infill Industrial Building - Plans Improvements and Lease-Up
April 16, 2020
Denver-based EverWest Real Estate Investors has completed the purchase of a vacant, 223,000-square-foot industrial building in Portland, Oregon, with plans to complete cosmetic renovations and reposition the building for lease.
Located at 5230 N. Basin Ave., the new EverWest asset sits within Portland’s Swan Island submarket. The area is close to both downtown Portland and a significant residential population, with a total industrial vacancy rate in the mid-three-percent range.
“This gives the 5230 building wide appeal among both last-mile logistics users and those requiring close access to the central business district and skilled labor,” said EverWest Managing Director Ryan Madson. “The building’s vacancy gives us the added opportunity to improve and position it for lease-up, capitalizing on a submarket where supply for this type of product is limited.”
Features of the 5230 building include a mix of warehouse and showroom/office space, ample loading, clear heights from 18 to 29 feet, and close proximity to Interstates 5, 405 and 205.
Kenny Houser of Capacity Commercial Group represented EverWest in the acquisition. Todd Collins of Macadams Forbes represented the building seller.
EverWest has a long and successful track record of locating and re-positioning industrial buildings from outmoded space into highly marketable assets in the market, including buildings across the West.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors, LLC, a wholly owned subsidiary of GWL Realty Advisors, is a Denver, Colorado-based real estate investment manager and operator who invests in equity and structured finance investments across core, value add, development and opportunistic strategies in office, industrial, multi-family and retail property types. EverWest Real Estate Investors serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments and high-net-worth individuals. EverWest Real Estate Investors provides a full-service investment management operating platform through its five regional offices with established acquisition, asset management, property management, financing, operations and reporting capabilities to its clients. EverWest Real Estate Investors has regional offices in Charlotte, New York, San Francisco and Los Angeles. For more information, please go to www.EverWest.com.