The company behind one of the city's splashiest real estate deals is at it again.
Eight months after J.D. Watumull and Portland developer Jim Winkler sold the former YMCA building on Southwest Barbur Boulevard, Watumull has replenished his Portland-area holdings with a former Blount International Inc. plant.
Watumull Properties Corp., a Honolulu based real estate investment firm that Watumull is president of, purchased the 205,303-square-foot property at 3901 S.E. Naef Road in Milwaukie from Blount for $7.5 million. Kidder Mathews brokers Steven Klein, Peter Stalick and Jeff Kiersey represented the buyer in the transaction and will handle the leasing of the facility.
Klein and Stalick also represented Watumull in the deal.According to a release about the purchase, the building is a "state-of-the-art manufacturing facility with extensive electrical capacity, climate controlled production area, pneumatic air lines, floor drains, water lines, oversized gas lines, air compressors, back-up generator, water filtration, exhaust systems, locker rooms and other high value manufacturing infrastructure."
It could be used for a range of manufacturing operations, from assembly to food processing.
"Given the high value manufacturing infrastructure, a manufacturing company can save a significant amount of up-front capital by selecting this facility" Klein said. The property features high ceilings and dock-high doors and could also be used as a distribution/warehouse facility.
"This was a great opportunity to acquire a well located industrial building to add to our Portland holdings," Watumull said in the release.
The pair had previously sold the YMCA structure for $10 million to Run Our Dream LLC, a company that's revamping the building for Under Armour's Portland expansion,
Watumull has also, in the past few years, picked up three local office and technology buildings in the metro region for $11.5 million three years ago, an eight-acre mixed-use property in Vancouver for $5.6 million last year and the Rockwood Industrial Park in Gresham for a little over $2 million earlier this year.
For the full story, go to Portland Business Journal.
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