EverWest Increases Portland Industrial Presence with Lombard Street Buy
May 7, 2021
PORTLAND, OR (May 6, 2021) –EverWest Real Estate Investors has acquired a 106,750-square-foot light industrial building at 10675 N. Lombard St. in Portland, Oregon for $10.05 million.
The acquisition is located on 5.34 acres in the South Rivergate submarket, immediately surrounded by the Port of Portland Terminals 4, 5 and 6.
“Limited new construction and a strong infill Port location keeps industrial demand for this area high and supports consistent year-over-year rent growth for this asset,” said EverWest Managing Director Ryan Madson. “The building is flexible for single- or multi-tenant configurations, and able to accommodate sea, river and rail traffic.”
The Lombard Street building features up to 22’ clear height, 24 dock high doors and a 6,422-square-foot office area with a large employee breakroom, conference facilities and storage space. It is approximately five miles to Interstate 5 and less than 10 miles to downtown Portland.
Michael R. Merino, SIOR, of Colliers International represented the seller, Richards Homewares, Inc. The property was acquired as a five-year sale-leaseback, with Richards Homewares leasing 100 percent of the building.
EverWest is actively negotiating additional industrial acquisitions now in metro Portland and continues to seek out similar opportunities in key U.S. growth markets.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors LLC is a real estate investment advisor providing investment management services throughout the U.S. including acquisitions, asset management, development and property management for our investors. EverWest has $3.5 billion in assets under management as of fourth quarter 2020. The firm’s clients invest through separately managed accounts and commingled funds. EverWest is headquartered in Denver with regional investment offices in New York City, Charlotte, Los Angeles and San Francisco metro areas. EverWest is a wholly owned subsidiary of Canada-based GWL Realty Advisors. For more information, visit www.everwest.com or www.gwlra.com.