Yakima Products Inc. plans to invest $20.1 million to purchase an 89,000-square-foot building in Lake Oswego, OR for its headquarters.
The maker of car racks, roof top boxes and other cargo systems announced it is working with the City of Lake Oswego outside of Portland to finalize the purchase of the West End Building, located at 4101 SW Kruse Way. The purchase is scheduled to close by early August 2015. The purchase is being brokered by JLL commercial real estate company, with consultation from Newmark Grubb Cressy and Everett.
The 89,000-square-foot building more than doubles the company’s North American footprint. Its current headquarters in Beaverton, OR is 37,000 square feet. Yakima plans to remodel and occupy 65,000 square feet of the property, potentially leasing the additional space until it is needed. Yakima has expanded its U.S. employee base by 21 percent in the past year and plans for continued growth.
“We are thrilled to be making the West End Building Yakima’s new home,” said Ryan Martin, CEO of Yakima. “It is the perfect location for our growing business and we are excited to have a headquarters that we fully own and can customize to our unique needs.”
The City of Lake Oswego, which owns the West End Building, has been looking to find the right buyer for the property for the past two years.
“We couldn’t be more pleased that Yakima has decided to purchase the property and make Lake Oswego its new home,” said Lake Oswego Mayor Kent Studebaker. “With its strong brand name and more than 100 quality jobs, Yakima will be a great fit for our community.”
Located on almost 13 acres, the move will provide Yakima with a campus-like setting, with room for expansion. The setting also reflects the company’s passion for the outdoors and the natural environment
“With woods in our backyard and a beautiful lake just a mile away, this new location really supports and embodies our love of playing in the outdoors,” said Martin.
Extensive interior remodeling is planned to begin in August, and will be led by Portland architecture and design firm Mackenzie. Yakima plans to finalize the move by December 1, 2015.