Tuesday, November 29, 2022
Nov. 29, 2022

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Vancouver riverfront land leased by Tidewater Barge Lines up for sale

Sale of property zoned for industry won't affect barge line company's lease

By , Columbian staff writer
Published:
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The Vancouver riverfront property that is home to the Tidewater Barge Lines headquarters is for sale for $20.3 million.

The Tidewater company has a long-term lease, said the seller’s agent, David Hill, senior vice president and shareholder at Kidder Matthews in Portland. According to the listing on LoopNet, there are more than 14 years left on the company’s 40-year lease that ends July 31, 2036.

“If any sale of the property were to occur, it would have zero impact on Tidewater operations,” Hill said in an email to The Columbian.

The property is zoned for heavy industrial use, according to the brochure from Kidder Matthews. It includes several acres of paved and graveled yard area with room to expand. It also encompasses 15.79 acres of aquatic lands and marine infrastructure, including two fixed spud barges with steel grate ramps, a container dock with ramp and crane, a dry dock and a fueling barge with ramp, as well as steel pile dolphins.

“Tidewater Headquarters Facility is an irreplaceable Columbia River waterfront industrial property leased on a long-term basis to an 80-year-old inland marine transportation company,” the brochure reads. “With over 14 years remaining on a 40-year absolute net lease, this investment opportunity is unparalleled in the market.”

The Hickey Family Co. owns the property, which was purchased in 1995 for $513,845. Ray Hickey started with the Tidewater company as a deck hand in 1951 and worked his way up to buying the company and becoming president in 1977. He sold the company to an investment group in 1996 at which time he retired and his son, Wes Hickey, served as its president until 1999. Ray Hickey died in 2010 the age of 82.

The 21.48 acre property, which is listed on LoopNet, has 60,731 square feet of industrial building space. That includes 9,609 square feet of office space, 17,500 square feet of newer shop or office space, 15,826 square feet of warehouse or storage space, 7,711 square feet of office or maintenance space and 10,085 square feet of older storage and shed building space. It’s at 6305 N.W. Old Lower River Road, surrounded by Port of Vancouver lands.

The current rent paid for the property is $75,059.22 per month, with a consumer price index-based increase every five years.

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