Oregon-based, family-owned commercial real estate development firm has broken ground on Fourth Plain Business Park II, its ninth project in the Vancouver area, Washington, US.
Located at 6700 NE 152nd Avenue, in Vancouver city, the roughly 40,000 ft2 multi-tenant light industrial building, is anticipated to be ready by Q4 of 2021.
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At present, the cost of the project is yet to be determined.
The project’s general contractor is Oregon-based Walen Construction and the architect is Mildren Design Group, also based in Oregon.
Pacific NW has been investing in the Vancouver area since the early 1990s and built Fourth Plain Business Park I in 2017.
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Pacific NW Properties director of leasing & acquisitions/partner Evan Bernstein said: “Vancouver’s industrial market is one of the strongest in the region. Vacancy rate is less than 2% and the market is starving for product like this.”
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By GlobalDataAccording to Bernstein, the building will be leased to various industries, including manufacturing, service, distribution, R&D, high-tech and recreational.
He also stated that Pacific NW was also considering two other industrial building acquisitions in Vancouver, apart from seeking additional land for future developments.
Bernstein was quoted as saying during the ground-breaking ceremony: “In a time of uncertainty, layoffs, high unemployment, stress and every other challenge spawning from the global pandemic, we are so blessed to be breaking ground on our latest project and providing some much-needed positivity and optimism, as well as creating jobs and in-demand space for Vancouver companies to grow and thrive. We’re super proud and excited to be able to finally get things going.”
At the ground-breaking ceremony, Mayor of Vancouver Anne McEnerny-Ogle said: “Though it has been a difficult year we have continued to see signs of growth and development throughout the city. Developers just like Pacific NW Properties are committed to the health and vitality of our business community and the residents that they serve. I look forward to coming back here in several months for a grand opening and a tour. Until that time – I’ll just say ‘thank you’ to Pacific NW Properties and all your partners in this venture. The city is so grateful for your presence in our community and sincere interest in making it a better place.”
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The cost of the project is yet to be determined.. Credit: Caspar Rae/Unsplash.
