Records Firm Acquiring 6 Acres at Rivergate

PORTLAND-Iron Mountain Records Management is preparing to purchase six acres at the Port of Portland’s Rivergate Industrial District in North Portland for development of an eventual 128,000-sf. First phase development will be a 50,000-sf warehouse.

The property is located behind Columbia Sportswear Co.’s ever-expanding warehouse on North Ledbetter Road. The purchase price is set at $1.15 million, or $194,768 per acre, which Port sources say has been the going rate for Rivergate space for the last couple of years.

Cushman & Wakefield of Oregon Inc. is serving as the broker in the property transaction with the Port. Iron Mountain is in the midst of a 60-day due diligence period. “We’re still two months away from closing,” a port source tells GlobeSt.com.

Boston-based Iron Mountain has been in the area since 1997 and already employs 125 people in the Portland area. The new warehouse will employ an additional 20 people. The company recorded nearly $1 billion in sales in 2000.

Rivergate is a 2,800-acre industrial park with about 1,100 developable acres and 280 acre still undeveloped. Of those 280 acres, 17 acres have been set aside for general industrial use. The 263 remaining acres the Port is marketing for importers. Of that, 115 acres is being marketed by CB Richard Ellis for a large, marine-related distribution center. The rest of the 263 acres will likely be available only for long-term ground lease.