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Q3 of 2022 showed a volume of commercial real estate transactions remaining at a high level in Clark County with 99 total recorded sales. Our top transaction reinforces a theme we’ve highlighted before; Clark County is perceived as a highly prized location for commercial real estate investors to generate long term wealth.

Kicking off our list at #1 is Hawthorne Gardening Company (www.hawthornegc.com), who sold its 259,148 SF Industrial warehouse/world headquarters that sits on 15.5 acres. It was constructed in 2017 located in the Centennial Industrial Park out on River Road, an area developed by the Port of Vancouver. Prologis, Inc. (www.prologis.com) was the Buyer, paying $46.5 million ($179.43 per SF). Prologis is the largest real estate company in the world and they have a public real estate investment trust headquartered in San Francisco that invests in warehouses. We hear they have plans to add an additional 550,000 SF building at the site, but construction dates are currently unknown.

Our #2 transaction, no surprise, is a multi-family building. Multi-family has been an active segment in Clark County for multiple years and actually has generated the majority of the top 25 transactions for all of 2022. This transaction again highlights the interest in outside developers and capital coming in to our County. It was developed by Sellers, Bellevue based iCap Enterprises, in 2021 and sits on 3.33 acres. It is a mix consisting of 72 1-bed, 28 2-bed/1-bath, and 24 2-bed/2-bath units, averaging 845 SF. They were 90% occupied at the time of sale, with average rents of $1,700 per month, and the property traded at a 4.6% cap rate. The Buyers were a joint venture with MJW Investments and Gregg and Michael Buchbinder out of Santa Monica, California.

Our next two transactions, #3 & #4, are both in the Hospitality segment. While there has been a lot of visibility around the AC Marriott on the Vancouver Waterfront opening (www.marriott.com/en-us/hotels/pdxac-ac-hotel-vancouver-waterfront/overview), followed by the Hotel Indigo soon after (www.vancouverwaterfronthotel.com). East Clark County has seen significant Hotel development over the past five years. #3 on our list, is the Double Tree by Hilton (www.hilton.com/en/hotels/vanvwdt-doubletree-vancouver-washington). It sits on SE 2nd Circle, visible on the North side of Mill Plain Boulevard in Cascade Park, and over the past five years has been operated by Highland Capital Management out of Dallas, Texas. This 98-unit hotel was sold for $14.5 million ($147,959 per room).

#4 is the 82-unit Holiday Inn Express & Suites, developed in 2018 by local residents Patrick and Jennifer Files. Located along the 192nd corridor, this hotel sold for $12.5 million ($152,439 per room).

For further information, the following link is to a great article on Co-Star which discusses some of the trends in our national hotel markets: www.costar.com/article/2078620/changing-behaviors-give-us-hoteliers-optimism-about-group-demand-recovery

Transactions #5 & #6 are both developable land sales. The land at 4707 NW Lake Road in Camas, 74.06 acres zoned for light industrial/business park use, was sold at a price of $10.8 million by long time Clark County residents, the Grimm family. It was purchased by a development company, Panattoni Development, out of Irvine, California with local Brett Irons with the Fuller group as the listing broker. Congratulations Brett! 

#6 is closer to the heart of the county, Vancouver Housing Authority (www.vhausa.org) purchased a 1.19 acre piece of ground Northwest of the Vancouver Mall. Seller, Team Construction, sold it for $10.57 million, where they plan to build a multi-family building.

Transaction #7 was the Hill Villa Apartments, located up in Garrison Heights. This 64-unit apartment building was built way back in 1968 on 4.85 acres and sold for a price of $9.5 million ($148,438 per unit).

Our #8 transaction takes us out to the East side for a very traditional NNN investment in a Walgreens Pharmacy along the 164th corridor, near 20th street. The sold price of $7.38 million, equates to $485.48 per SF.

On July 1st, our #9 transaction closed. A 28,500 SF office building at 5101 NE 82nd Ave sold for $7.35 million ($258 per SF). This building, known as Vancouver Square, was constructed in 2005, situated on 1.56 acres and zoned CC. It is home to the Veterans Affairs Office, a National Title Company and offices for the original developer, Erwin Construction, who was also the Seller. It was purchased by a family trust out of Newberg, Oregon.

Technically, we are highlighting eleven transactions here, as these final two traded at $6 million dollars. #10 being a 27,390 SF single-tenant light industrial building, located in the Grand Central Industrial Neighborhood. This property was sold by Patrick and Jennifer files and purchased by iCap Enterprises, both names you’ll recognize from transactions #2 and #4. 

The final #11 sits in a class of its own, showcasing the breadth and range of attractive commercial properties in our county. Located on SE 157th Avenue, just north of Mill Plain and East of Walmart, is a U-Lock-It Self Storage. This property consists of 42,780 SF of storage units and sold for a price of $140.25 per SF. The facility, constructed in 1988, was sold by a Portland based ownership group and purchased by a Kirkland, WA based ownership group.

While investors, developers and commercial real estate professionals all have eyes on the Fed to see if they will follow through on their stated intentions to continue moving interest rates higher, it seems the commercial real estate market in Clark County remains active. Our area is an attractive place for both developers and investors to place money for long term growth.

One additional noteworthy highlight, Hewlett Packard has submitted permits for a significant development of two buildings out on SW 1st in Camas (www.oregonlive.com/silicon-forest/2022/10/hp-says-new-vancouver-research-site-will-open-in-2026.html).


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

email: jim@jimwestcommercialre.com

direct: 360.233.3048


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