8-K: Jewett-Cameron Lists 11.6-Acre Property for Sale or Lease in Hillsboro, Oregon

Jewett-Cameron Trading Company has listed its 11.6-acre former seed processing facility in Hillsboro, Oregon, for sale or lease.

Summary

• Jewett-Cameron Trading Company has listed its 11.6-acre property at 31345 NW Beach Rd, Hillsboro, OR for sale or lease.
• The property, formerly used by Jewett-Cameron Seed Company, includes approximately 109,500 square feet of buildings.
• The asking lease rate is $40,000 per month, triple net, while the asking sale price is undisclosed.
• The property is zoned Rural Industrial and is located near the Glencoe exit on Highway 26.
• The company is exploring rezoning options to expand the list of permitted uses.
• The property is also within the study area for the potential expansion of the City of North Plains Urban Growth Boundary.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The company is taking action to potentially monetize an asset, which is generally a positive move. However, there are uncertainties related to the sale price, rezoning, and the Urban Growth Boundary expansion.

Positives

• The property is a corner lot with excellent access, visibility, and frontage.
• The existing buildings have power and are suitable for a wide array of uses.
• The property is located near a major highway exit.
• The company is exploring options to increase the value of the property through rezoning.
• The property's location within the Urban Growth Boundary study area suggests potential for future development.

Negatives

• The asking sale price is undisclosed, which may create uncertainty for potential buyers.
• The property is currently zoned Rural Industrial, which may limit the range of potential uses without rezoning.
• The Urban Growth Boundary expansion is not yet adopted, creating uncertainty about future development potential.

Risks

• The sale or lease of the property may not be completed on favorable terms or within the desired timeframe.
• Rezoning efforts may not be successful, limiting the property's potential uses and value.
• The Urban Growth Boundary expansion may not be adopted, impacting the property's future development potential.
• The property may require significant investment to adapt it for new uses.

Future Outlook

The company is exploring rezoning options to expand the list of permitted uses and is monitoring the potential expansion of the City of North Plains Urban Growth Boundary.

Management Comments

• Chad Summers, President & CEO, is the contact for the company.

Industry Context

This announcement reflects a strategic move by Jewett-Cameron to potentially monetize a non-core asset, which is a common practice in the real estate and industrial sectors. The company is likely seeking to optimize its portfolio and focus on its core manufacturing and distribution businesses.

Comparison to Industry Standards

• The listing of a 11.6-acre industrial property is not unusual in the commercial real estate market.
• The asking lease rate of $40,000 per month, triple net, is within the typical range for industrial properties of this size and location in the Portland metro area.
• Comparable properties in the area include industrial warehouses and manufacturing facilities, with lease rates varying based on location, condition, and specific features.
• Companies like Prologis and CBRE are active in the industrial real estate market and often handle similar transactions.

Stakeholder Impact

• Shareholders may benefit from the potential sale or lease of the property.
• Employees are not directly impacted by this announcement.
• Customers and suppliers are not directly impacted by this announcement.
• Creditors are not directly impacted by this announcement.

Next Steps

• The company will seek a buyer or tenant for the property.
• The company will continue to explore rezoning options.
• The company will monitor the progress of the City of North Plains Urban Growth Boundary expansion.

Key Dates

Keywords

real estate, property sale, property lease, industrial property, commercial real estate, rezoning, urban growth boundary, Jewett-Cameron, Hillsboro, Oregon