2022 was a very successful year for Commercial Real Estate in Clark County. We’ve discussed before that the pace of development in all segments of the market over the past 10 years has put Clark County on the map as a great place to locate companies, develop land, and own commercial property.
We present the ten largest, by dollar volume, commercial building transactions from 2022. These are office, retail, industrial, and other specialty buildings. The total Clark County market saw 141 buildings sold consisting of over 2.4 million square feet, totaling over 414 million dollars. The average property was on the market 5.7 months. These do not include multi -family properties, which have a universe all their own.
The #1 Transaction for 2022, we covered with our post in the Fall; Hawthorne Gardening Company sold their corporate headquarters located off River Road for $46,500,000. This property was developed in 2015. Acquired by national commercial real estate power Prologis, Inc. This five-year-old 306,000 SF building was acquired at $151.96 per SF.
#2 Transaction is the Hobby Lobby building, located at the Vancouver Mall, sold for $27,600,000. This 121,593 SF building garnered a price of $226 per square foot. Purchaser was Allen Properties LLC in Portland.
#3 is a recently developed Self-Storage building located at 9606 NE 76th Street. Developed by Premier Storage Investors, out of Memphis, Tennessee, and purchased by Life Storage Inc. out of Williamson, New York. The building is 99,431 SF sitting on 2.57 acres of land that brought a purchase price of $26,141,901, equating to $262.91 per SF.
For #4, we stay with a familiar theme, Self-Storge. This time located out on the East side, on SE 18th Street. Another 99,200 SF Self-Storage property, this one on a smaller footprint of 1.14 acres. Sale price was $25,000,000, or $252.02 per SF. Similar situation here, two years old and developed by Banner Real Estate Group out of Chicago, then purchased by Smart Stop Self-Storage of Ladera Ranch, California.
We are going to jump out of sequence now and highlight #6. A very high-visibility property that generated a lot of conversation when it was listed, and again when it finally sold. Developed in 2013, as we emerged from the Great Recession, it burst onto the scene as a welcome addition to the grocery industry here in North Vancouver/Clark County. Chucks Produce and Street Market #2 is a 46,261 SF building situated on 5.89 acres off Highway 99 in Hazel Dell. It brought a selling price of $12,600,000, translating to $272.37 per SF. Seller is headquartered here in Vancouver and Buyer, Roth’s Fresh Markets, are located in Salem, Oregon. Roth’s is a chain of nine supermarkets in the Mid-Willamette Valley, founded in 1962 with a focus on customer service, product quality and community involvement. Roth’s is owned by the Pattison Food Group, a Western Canadian Company.
#5, #7 and #8 all fall under a similar umbrella of East Clark County Hotels. All were part of our recent Top 10 post in the Fall, all having been purchased this past summer.
#5 DoubleTree By Hilton, visible along Mill Plain Boulevard, was a $14,500,000 purchase. This 64,401 SF property, with 98 rooms, is located on a 2.25-acre site. The purchase price translates to $225.15 per SF and $147,959 per room. Highland Capital Management, out of Dallas, Texas, was the Seller and Harjinder Virk, from Woodland, the Buyer.
#7 Holiday Inn Express & Suites located in Camas on 192nd Avenue, developed in 2018 by Patrick and Jennifer Files from Ridgefield. Sale price was $12,500,000, at 82 rooms and 44,010 SF, it priced out to $284.03 per SF and $156,480 per room. Purchaser was Wendeline Tohidi from Poulsbo, Washington.
#8 Candlewood Suites, developed by Dean Kirkland’s company in 2015 as a 42,260 SF building on a smaller footprint of 1.16 acres, offering 83 rooms and it also sits on 192nd Avenue. Selling at $12,330,000, this equates to a price of $291.77 per SF and $148,554 per room. The purchase is out of Kirkland, Washington.
#9 is the Sonesta ES Suites, located on Parkway Drive near the Vancouver Mall. This was part of a $180,000,000 portfolio sale. The price allocated for this 120-room hotel was $11,216,103. Developed in 1987, this 35-year-old building generated $148.66 per SF and $93,467 per room.
#10 Keep your eye out for the impact this sale could have on mid-Clark County. Watumull Properties purchased the Padden Market Center located out on 13th Avenue for $ 8.25 million. This is the former Albertson’s grocery site with 52,364 SF of space on 4.88 acres, with an additional adjacent 16,908 SF in four retail buildings. Built in 2003, this market center had been in limbo since Albertson’s closed. Acquired at $157.54 per SF, the demographics of this growing area may finally be right to allow for some welcomed redevelopment. Watamull, based in Hawaii, has acquired several properties in Clark County over the past few years. The Seller, Merlone Geier, was an investor outside the County.
In summary, the following are three key take away’s that reinforce the idea that Clark County is a great platform for growing your wealth with Commercial Real Estate.
- Prologis and many other major national investors have acquired properties here in Clark County.
- Considering properties #2 through #9, all consumer service or retail-oriented property prices ranged from $225 to $291 per SF. Anything developed within the past ten years, are holding values above $250 per SF and trending to $300 per SF.
- Nine of the Buyers and six of the Sellers were from outside Clark County, having invested here and watching their capital grow.
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About Jim West
Jim West brings to the table a strong corporate background in finance, operations and expansion projects. In 2008, Jim established his firm, Clark-West Commercial, specializing in assisting entrepreneurs and small business owners in accelerating their business success. Jim spent his first nine years with Coldwell Banker Commercial, three years with Zenith Properties and another three years with Wise Move RE. He is now with AARE as a Managing Broker Mentor as well as Wise Move Property Management. Over these many years working within the Commercial Real Estate sector, Jim has fine-tuned his focus and expertise to the areas of retail, medical, office space and light industrial markets. Working with small business owners and entrepreneurs, to large multi-faceted corporations, he has proven the advantage in navigating the transition from leasing to securing property ownership.
Jim West Commercial Real Estate
AARE | Wise Move Property Management
10000 NE 7th Avenue, Ste 400
Vancouver, WA 98685
web: www.jimwestcommercialre.com
email: jim@jimwestcommercialre.com
direct: 360.233.3048
