Executed in Partnership with Colliers, the Transaction Represents the Largest Single Industrial Land
Vancouver, WA (January 31, 2024) — Newmark announces it has arranged the sale of the leased fee interest in the land at Columbia Business Center, an industrial site totaling approximately 113 usable acres in Vancouver, Washington. The site sold for $96 million, representing the largest single transaction by total consideration paid for industrial land on record in the Portland/Vancouver market.
Newmark Vice Chairman Nick Kucha, Executive Vice Chairman Steven Golubchik and Associate Directors Kellen Kollmorgen, Jakob Nicholls and Grant Gooding, along with Colliers Vice Chairman Jerry Matson, SIOR and Senior Vice President Brian Yoakum, SIOR, represented the
private family seller in the transaction.
“This sale represents the rare opportunity to own an industrial site of scale in a market with a dearth of developable land,” said Kucha. “We are pleased to have represented the sellers in a successful sale”.
Originally established in the 1940s, Columbia Business Center is one of the most unique industrial sites in the Pacific Northwest. Situated along the Columbia River, the property is strategically located along Interstate 5 and adjacent to Portland, serving as a transportation hub for the greater Portland/Vancouver market. Columbia Business Center offers a wide variety of transportation alternatives including direct connectivity to rail lines, barge slips and traditional distribution uses.
“There aren’t many easy deals left in our region. Every deal is very nuanced and requires client trust and collaboration between different skill sets. This sale is a prime example of exactly that,” said Matson, SIOR.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world.