Significant Sale: Columbia Business Center Sold for $96 Million, Set to Maintain Operations Under New Ownership
The Columbia Business Center, a significant industrial property spanning 113 acres along the Columbia River in Vancouver, has been sold for a record-breaking $96 million. This sale marks the largest single transaction by price for industrial land in the Portland-Vancouver market. Newmark, a real estate group, facilitated the sale, highlighting the scarcity of such large-scale industrial sites in the market. While the buyer’s name was not disclosed, it’s believed to be Portland-based development company Killian Pacific, which previously owned a portion of the land since 2006.
The Columbia Business Center is situated in one of Vancouver’s few heavy industrial zones and offers access to state Highway 14, BNSF Railway, and the Columbia River, including barge slips. The property features a mix of old and new buildings, with some dating back to World War II when it housed the Kaiser shipyards. Currently, it accommodates around 100 tenants engaged in various industries such as metal fabrication, distribution, and education.
One notable concern for tenants is the proposed Interstate 5 Bridge replacement project, which could potentially lower clearance to 116 feet, significantly impacting businesses reliant on the current bridge’s 178-foot clearance. However, the new owner reportedly intends to maintain the site’s current operations without disruption for tenants, as has been the case for the past two decades. Despite potential challenges, including regulatory inspections and infrastructure projects, tenants express hopes that their businesses will continue to thrive within the Columbia Business Center under new ownership.