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Watumull Properties Pays $11M for Swan Island Warehouse

PORTLAND-The Honolulu-based investor with two million sf in the local market uses proceeds from a recent sale to pick up 5000 N. Basin Ave., a 344,000-sf industrial building leased to four tenants.

By Brian K. Miller | Updated on October 20, 2003

PORTLAND-A fully leased 344,000-sf warehouse on Swan Island has traded hands. Honolulu-based Watumull Properties Corp. acquired the building from M&T Properties, which local brokers say is affiliated with locally based PacTrust (Pacific Realty Trust LP), for $11 million.

Located at 5000 N. Basin Ave., the building is 100% leased to four tenants: Rose City Moving and Storage, Carpet Services, Automotive Electrical Distributors and Harris-Truax. Most of the tenants have been in the building for several years.

J.D. Watumull tells GlobeSt.com the risk is that some of the leases are expiring in the next year or so and still need to be renewed. Todd Collins of Macadam Forbes Inc. handled both sides of the transaction. The management assignment has been handed to the locally based real estate services firm Norris & Stevens.

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