A line of golden shovels broke ground last week on a new business park that will add 40,000 square feet of industrial space to the Portland metro region's tight market.
Beaverton-based Pacific NW Properties, a real estate development and management firm with 3.5 million square feet already under ownership and management, kicked off construction of the Fourth Plain Business Park in Vancouver with a groundbreaking ceremony last week. The $4.2 million project, located at Northeast Fourth Plain Boulevard and Northeast 152nd Avenue, is the company's fifth one in Vancouver.
When it's completed in December, the park will offer spaces ranging from about 1,400 square feet up to 12,000 square feet. In addition to Pacific NW Properties, other team members on the project include general contractor P&C Construction, architect Mildren Design Group and leasing broker Capacity Commercial Group.
Pacific NW Properties' other recent developments include the Franklin Business Park in Tualatin and Wilsonville Road Business Park in Wilsonville.
“We were fortunate to lease up Franklin Business Park II in Tualatin faster than any other of our 40 or so speculative developments throughout our 26-year history earlier this year," said Evan Bernstein, asset manager for Pacific NW Properties, in a statement. "We are hopeful and confident that we’ll be able to achieve the same success in our lease-up of Fourth Plain Business Park, based on the strategic design, lack of supply and strong market. And, of course, lots of luck.”