 |  |  |  |  |  |
|---|---|---|---|---|---|
 |
EAST RIDGE BUSINESS PARK
VANCOUVER, WA
Principal Properties served as asset manager, property manager and co-developer for this 1 million square foot, 90-acre mixed use flex project located in Vancouver, WA. Principal Properties was responsible for all operations up through and including the sale of the project. The project was sold in 2006 at its target price.
From 1998-2006 Principal Properties, LLC. served as asset manager, property manager, and co-developer for this 90-acre mixed use project. Prior to that, Mr. Fontenette was the marketing and leasing manager for the project. Principal Properties was responsible for the overall performance of the project including the negotiation and approval of all leases; budgets and financial performance; construction management; building maintenance; financing and asset sales. Principal Properties was located on-site at the project and employed a staff of 5 full-time employees. EastRidge Business Park experienced a significant increase in vacancy as a result of the 2001 recession. Principal Properties implemented and executed a plan to re-position the property that included the construction of two new buildings and the sale of 18 buildings to 15 different users over a 24-month period. With occupancy restored to over 97%, the majority of the project was sold in 2006 to an institutional investor after more than 30 years of ownership by the original developer. Principal Properties was actively involved in the sales process from the selection of the listing firm through closing.