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Hawaii-based Watumull Properties Corp. has purchased a 40,831-square-foot business park in Vancouver, Washington, for $6.49 million.

The property, Velendo Plaza, comprises six buildings east of Vancouver Mall. The spaces are occupied by 19 tenants with staggered leases. The property has nearby access to State Route 500 and Interstate 205.

Velendo Real Estate, a limited liability company which lists Vincent and Helen Do as governors, was the seller.

Velendo Plaza sold at a capitalization rate of 9.14 percent, according to Marcus & Millichap, which represented both the buyer and seller. The transaction values the property at $159 per square foot.

Dylan Wolf and Clayton Brown, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing. They contacted and represented the buyer.

Watumull Properties owns numerous commercial assets in Oregon and Washington. President J.D. Watumull stated that the company continues to look for additional investment opportunities in the Portland-metro area.