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Company, Industrial

Specht signs huge lease at its Ridgefield Industrial Center

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August 5, 2022

- Company, Industrial

Ridgefield, WA (July 21, 2022) –Specht Development, Inc, a Portland, OR based real estate development firm is pleased to announce the first tenant at its speculative 468,810 sf Ridgefield Industrial Center, located in Ridgefield, Washington. Child Logistics, Inc. has signed a long-term lease for 345,886 sf in the new single building development. The 50.02-acre project began construction in August of 2021 and will be complete in August of 2022. 

Commercial real estate brokerage firm, Capacity Commercial Group LLC, represented both Specht Development on the acquisition of the property, and also represented both Specht and Child in the lease, which calls for Child to relocate from their current smaller Vancouver facility. 

“As commercial brokers, we were pleased to be able to successfully work for our clients on both the sale and purchase of the land, as well as to bring qualified, credit tenants to this facility” said Mark Childs, SIOR, Principal with Capacity Commercial Group.

The newly constructed Ridgefield Industrial Center has 36’ clear heights, 109 dock doors, 4 grade level doors, and 44 trailer spaces, with City of Ridgefield approval for an additional 82 trailer stalls if needed by future tenants. Mackenzie is the architect of record for the project, with Perlo Construction serving as the general contractor.

“This substantially larger space will allow Child Logistics to consolidate and grow at this location. By consolidating three operations into one location, Child will be able to serve their customers more efficiently and provide additional space for current and future customers.,” said James Carroll, who along with Michelle Carroll own Child Logistics.  Additionally, the new location will allow Child to consolidate their Child Truck Line operations at the same site.

“We knew we had the right site from the beginning, located immediately adjacent to the Ridgefield Junction I-5 freeway interchange” said Brent Hedberg, Vice President of Specht Development, and a partner in the project. “We have constructed a best-in-class facility with most of it leased before it is completed. We have room for a maximum of two more tenants and are experiencing excellent activity on the remaining space.”

For more information about Specht Development, Inc., visit https://spechtprop.com/
For more information about Child Logistics, Inc., visit http://childtruckline.com/
For more information about Capacity Commercial Group LLC, visitwww.capacitycommercial.com

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Company, Retail

Renaissance Boardwalk Sells to Kirkland Development

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May 18, 2022

- Company, Retail

Capacity Commercial Group are pleased to announce the closing of 101 & 111 SE Columbia Way in Vancouver, Washington – a 2+ acre waterfront site for a proposed mixed-use development, Renaissance Boardwalk by Kirkland Development, a local Vancouver-based development firm also responsible for the brand-new Hotel Indigo & Kirkland Tower at the Waterfront and multiple other Portland and Vancouver-area projects. 

Kirkland plans to build approximately 310,000 total sq. ft. of buildings, including 221 multifamily units and 110,000 sq. ft. of three-story mixed-use buildings that will include office space, retail and restaurant space. Additionally, an underground parking garage with 309 spaces and a heavy investment in EV charging amenities is proposed.

  
  The buildings will meet the LEED Gold certification standard - the second-highest level possible.

A 15-foot-wide public walkway – called the “Renaissance Boardwalk” –  is proposed along the river’s edge as part of the development, and would connect the existing waterfront trails to the east and west.

This 2.03 acre plot is well-situated directly east of the I-5 bridge just steps away from Vancouver’s new Waterfront development on the other side of the bridge which George Diamond and Nicholas Diamond sold multiple blocks in.  Capacity Commercial will continue to work with Kirkland Development on the leasing of The Renaissance Boardwalk.

Renaissance Boardwalk project, which will add 230 apartments to the waterfront, plus restaurants, retail space and public access along the river.

Longtime local fixture Who-Song & Larry’s restaurant is part of the plan, both now and in the future, according to Kirkland.

“We look forward to being a part of this exceptional new development,” said Randy Sharpe, CEO of Xperience Restaurant Group, which owns the Mexican-style eatery. Who-Song & Larry’s plans to remain open during the construction project.

As envisioned, the project will include two main buildings totaling about 400,000 square feet. An underground parking structure will include up to 100 charging stations for electric vehicles. As part of its development agreement with the city of Vancouver, the project will be built to a LEED Gold level of energy efficiency and sustainability standards.

Public amenities will include a new boardwalk section of the Waterfront Renaissance Trail that will connect to the proposed Lewis and Clark Regional Trail. The building’s public lobby will display the first land survey marker in the state of Washington, which is currently on the site and will be saved.

“This site has importance historically and is a place of significance on our waterfront. The Renaissance Boardwalk will be a gathering site for visitors and residents alike,” said Dana Gardner, director of project development for Kirkland Development.

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Company, Industrial, Investments, Sale

Sold: 100% Leased Multi-Tenant Industrial Investment

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November 2, 2021

- Company, Industrial, Investments, Sale

George Diamond, Nicholas Diamond, Allen Patterson, SIOR, and Scott Miller at Capacity Commercial Group are pleased to announce the closing of 7000 S. 10th Street in Ridgefield, WA. George and Nick represented the buyer while Allen and Scott represented the Seller. 

This 112,256 SF recent-construction warehouse property sits on 6.4 acres in the area's fastest-growing industrial park. The three occupants (national and regional operators) all have long-term leases.

Completed in 2019, the asset has 9 dock doors, 3 grade doors, 3-phase 2,500 amp power, and 30' clear height. Located in a growing industrial park in the up-and-coming city of Ridgefield, the property also has ample parking in relation to its area.

Truly a standout amongst new-construction industrial offerings, the property sets a strong benchmark for sales performance of industrial investments in the area.

As part of the sale, The Diamond Team spearheaded an investment group to purchase the property for a strategic long-term hold.

For more information, please contact: 

George Diamond
503.222.2178
gdiamond@capacitycommercial.com

Nicholas Diamond
503.222.2655
ndiamond@capacitycommercial.com

Allen Patterson, SIOR
503.542.4347
allen@capacitycommercial.com

Scott Miller
503.517.9872
scottm@capacitycommercial.com
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Company, Office, Sale, Tenant Represenation

Just Sold! North Point Wealth Management Takes 11,490 SF in Tigard

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October 11, 2021

- Company, Office, Sale, Tenant Represenation

Elliot Rask and McCoy Doerrie facilitated an exciting off-market acquisition for an 11,490 SF office and medical building in the heart of Tigard. North Point Wealth Management bought the property during a period of extremely limited supply. Thanks to the leveraged knowledge and expertise of Elliot and McCoy, North Point was able to secure a well-located facility under an SBA loan with low interest rates.

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Company, Construction Management, Industrial, Investments, Landlord Representation, Lease, Sale

Crystal Finch Logistics – For Build-to-Suit, Lease, or Sale

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October 5, 2021

- Company, Construction Management, Industrial, Investments, Landlord Representation, Lease, Sale

Crystal Finch Logistics, located at 7220 NE 47th Avenue in Vancouver, WA, has just hit the market. The project is expected to deliver in Q2 2023. This prime +/- 78,000 SF building with build-to-suit office.

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Company, Investments, Office, Retail

Rare Ownership Opportunity in Portland’s Northwest Nob Hill Neighborhood

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September 30, 2021

- Company, Investments, Office, Retail

1915 NW 26th Avenue is a divisible 1,390 SF space spanning two storefronts with the possibility to be converted into a live / work space. With high ceilings, there is also the possibility of adding a mezzanine. Retail signage opportunities, a secured and covered off-street parking space, large front windows, abundant natural light, and access to amenities along NW 23rd Avenue make this property a rare gem. It’s only a block away from a bus line and has immediate access to Hwy 30 and NW Vaughn Street.

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Company, Industrial

Q2 2021 Industrial Newsletter

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August 3, 2021

- Company, Industrial

As of the end of Q2 2021, we're seeing construction costs reaching all-time highs, lease rates continuing to increase, and land prices climbing due to a lack of supply and an abundance of demand. 
 
With the rise of inflation due to federal COVID relief packages, landlords are considering signing new leases with annual increases tied to the Consumer Price Index (CPI) instead of the traditional 2-3% increase. 
 
Additionally, businesses are encountering a huge challenge with a lack of skilled labor. 
 
To learn more about the status of the Industrial Market, view our newsletter here.
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