Watumull Properties buys Campbell industrial site
By Andrew Gomes
Advertiser Staff Writer
Honolulu-based real estate investment firm Watumull Properties Corp. has purchased Campbell Industrial Village from Grosvenor International for $8.7 million.
The sale, completed last week, represents an exit from the Hawai'i market for Grosvenor, which is one of the world's largest real estate companies and used to be one of Hawai'i's biggest commercial developers.
The company, affiliated with the Grosvenor Estate of Great Britain, sold its interest in the downtown Honolulu office high-rise Grosvenor Center a little over a year ago.
Grosvenor developed both the office building and industrial complex in the 1970s and early '80s when Gerald Grosvenor, the Duke of Westminster, was reported to be the richest man in England.
Scott Mitchell, a broker with Colliers Monroe Friedlander representing Grosvenor International, said the company owns only a few industrial properties out of a real estate portfolio valued at about $3 billion.
Watumull Properties primarily owns industrial real estate in Hawai'i. J.D. Watumull, company vice president, said his firm bought Campbell Industrial Village, a 200,000-square-foot complex on 10 acres at the front of Campbell Industrial Park, because it is 100 percent leased and near the growing community of Kapolei.
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