Offers In for AMB's 926,334-SF Portland-Area Portfolio

WILSONVILLE, OR-AMB Property Corp. is reviewing offers this week for its 926,334-sf Portland-area industrial portfolio. The six-building package includes two distribution buildings next to Interstate 5 here that total about 766,000 sf and four buildings at AMB’s Cascade Business Center in Tigard that total about 160,000 sf.

The Palmer Team Inc. has the disposition assignment. Managing partner Roman Benvenuti tells GlobeSt.com he hopes to have a buyer selected in the next couple of weeks and to close the deal by the end of the year. Other industry sources tell GlobeSt.com the sale price will come in around $70 per sf, or about $64 million. Benvenuti declined comment on the expected sale price.

The 516,693-sf Wilsonville Distribution Center I is 100% occupied by Rite Aid. The lease runs up to 2009 and includes an option to extend. The property is Rite Aid’s Northwest distribution facility. It has a fully automated racking system, is cross-docked and has a 42-foot clear height.

Wilsonville Distribution Center II is a 250,230-sf multi-tenant distribution facility that was delivered in May 2003. Tenants include Eurobest Foods, PODS, Lynden Doors, Tab Transportation and Fiskars Brands. EuroBest Foods signed a 3.5-year lease for 77,000 sf in February 2004. Two months later, Alliance Door Products LLC (Lynden) signed a five-year lease for 50,000 sf. In November, Tab Transportation leased 30,000 sf and earlier this year Fiskars took down 50,000 sf in a five-year deal. Last month, Pods Inc., the Florida-based self-storage company, signed a five-year lease for the remaining space (41,485 sf).

Cascade Business Center is a light industrial property. Tenants include Comcast, Sprint, XO Communication, State of Oregon, Hemcon Inc. and California Seal. The complex is about 90% leased, according to officespace.com.