PORTLAND — The $2.015 million sale of an industrial building is an increasingly rare occurrence for the Portland area, where a tight industrial market is driving investors to localities further afield.
The 25,000-square-foot building, at 78 Walch Drive, comes with a long-term tenant, Alside, a based home-siding manufacturer and supply center with sites around the country. Alside, a brand owned by Akron, Ohio-based Associated Materials Inc., will remain in the Walch Drive site.
The seller, 681 Bath Road LLC, is a local investor who owns commercial properties throughout the state.
“He bought the property a year ago, and decided he wanted the equity from this property to put into another one of his properties, which created a rare opportunity for our client,” said Michael Anderson of Paragon Commercial Real Estate, who represented the buyer, 78 Walch Drive LLC.
The buyer is also a local man who has some other local real estate investment properties, said Anderson, who declined to cite the buyer’s name. The deal closed Jan. 7. Greg Perry at Cardente Real Estate represented the seller.
The single-tenant building, located within a condominium/commercial complex across from Riverside Municipal Golf Course, was built about 10 years ago for the tenant, Alside. The single-story, steel-frame building includes five loading docks, two overhead doors, covered outside storage beside the building, open storage space behind the building, and a parking lot.
“It’s one of the nicer industrial buildings in Portland in my opinion,” said Anderson. “It’s really a top-notch industrial building. And we’re not seeing that often, these days,” due to slow turnover of top properties. Instead, “We’re seeing renovations or repositioning of existing properties. We expect that trend to continue into 2016 as well as an increase in new construction of quality industrial buildings.”