Wilshire Real Estate Sells G.I. Joe's Portfolio

PORTLAND-Wilshire Real Estate Investment Inc. sold five Western Oregon retail buildings and an office complex/warehouse/distribution center – a total of 444,864 sf – to Madrona Park II LLC for $28.8 million and the assumption of $20.3 million in debt, according to documents filed with the Securities and Exchange Commission on Wednesday.

The retail buildings are located in Salem, Milwaukie, Oak Grove, Tualatin and Gresham, and are being leased by G.I. Joe’s Inc. The office complex/warehouse/distribution center is located in Wilsonville, Oregon, and is also leased by G.I. Joe’s. The sale closed on Oct. 10, according to the filing, but sates back to July, when Portland-based Wilshire first entered into a purchase and sale agreement for the properties.

On or about July 28, J.D. Watumull entered into a purchase and sale agreement with Wilshire for the retail properties in Salem and Milwaukie. Shortly after that, Madrona Park entered into a purchase and sale agreement for the retail properties in Gresham and Tualatin, Oregon and the industrial property in Wilsonville.